Hexa Climate Solutions, a clean energy platform backed by global infrastructure investor I Squared Capital, has completed the acquisition of Finnish utility Fortum’s Indian renewables portfolio as part of a $500m commitment to expand its footprint in emerging markets, according to a report by Reuters.
The transaction includes a 100% stake in Fortum’s India business, comprising a 206MW operating commercial and industrial (C&I) renewables portfolio, a 600MW ready-to-build project pipeline, and the onboarding of Fortum’s 40-member India team. Based in Gurugram, Hexa did not disclose financial details of the deal.
Sanjeev Aggarwal, Founder and Executive Chairman of Hexa, stated that the platform will deploy $500m, backed by majority shareholder I Squared Capital, across India and other developing economies to scale its clean energy operations.
Of this, $100m will be allocated to complete Fortum’s existing solar and wind developments in India, while the remaining $400m will support portfolio expansion to 2.5GW over the next 24-36 months, up from the current 100MW. The future portfolio is expected to be weighted approximately 65% towards solar, with the balance in wind assets.
The deal aligns with India’s national objective to nearly triple its non-fossil fuel capacity to 500GW by 2030 and marks Fortum’s full exit from the Indian market, following the sale of 185MW of solar assets earlier in 2024 as part of its strategic refocus on core markets in Europe.
