Indian renewable energy company Hexa Climate Solutions has announced the acquisition of Finnish electric services company Fortum’s Indian renewables portfolio with plans to invest $500m to expand its clean energy projects, as reported by Reuters.
The acquisition includes a 100% stake in Fortum India, including a 206MW commercial and industrial (C&I) renewables portfolio, a 600MW ready-to-build renewable projects pipeline and a 40-member team.
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Sanjeev Aggarwal, founder and executive chairman of Hexa, stated to Reuters that the company will make a total investment of $500m in India and other developing countries. The investment will be supported by I Squared Capital, which holds a majority share in Hexa.
Hexa is set to invest $100m to complete Fortum’s solar and wind projects in India. An additional $400m will be allocated to grow its clean energy portfolio from the current 100MW to 2.5GW up to 2027.
The company anticipates that 65% of the portfolio will consist of solar assets, with the remainder in wind assets.
This strategic move aligns with India’s goal to almost triple its non-fossil power capacity to at least 500GW by 2030.
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By GlobalDataThe sale signifies Fortum’s exit from the Indian market, following the divestment of 185MW of solar assets in 2024, as the company shifts focus to its operations in Finland.
In March 2025, Fortum completed a two-year feasibility study on new nuclear power in Finland and Sweden, determining that it is not commercially viable on a merchant basis only under existing Nordic power market conditions.
Hexa Climate offers renewable energy and net-zero solutions across key markets in India, Taiwan, Philippines, Japan, South Korea and Malaysia.
