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Fortum sells Indian renewable arm to Hexa
Mint New Delhi
|April 28, 2025
Finland's state-run energy utility Fortum Oyj is exiting India's renewable energy market by selling its platform Fortum India Pvt. Ltd (FIPL) to New York-based I Squared Capital-backed Hexa Climate Solutions in a deal that includes its management company and carbon credits, two people in the know said.
There were five bidders in the sales process run by EY, including Japan's Marubeni Corp, Dutch pension fund APG and infrastructure fund manager AP Moller Capital. A total of 10 companies, including steel and mining major ArcelorMittal, signed non-disclosure agreements for the deal called project Samsara.
Mint couldn't ascertain the value of the deal that marks an important point in the third-largest Nordic utility Fortum's exit from India, a market that it entered in 2012.
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