India's Hexa Climate Solutions, backed by private equity firm I Squared Capital, has acquired Finland-based Fortum's domestic renewables portfolio and plans to invest $500 million to expand its clean energy platforms in the country and other emerging markets.
The deal includes a 100% stake in Fortum's India unit, a 206 MW commercial and industrial renewables portfolio, a 600 MW pipeline of ready-to-build projects, and Fortum's 40-member team in India, Hexa said on Tuesday.
The company did not disclose the deal value.
The deal comes amid India's push to boost its non-fossil power capacity to at least 500 GW by 2030, up from 165 GW currently.
Hexa also said it plans to invest about $500 million to scale up its renewable energy, water, and carbon platforms.
The sale marks Fortum's exit from India. It sold 185 MW of solar assets in 2024 as part of a broader strategic shift to focus on its domestic market.
