Fortum sells its 185-MW Indian solar portfolio

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Fortum sells its 185-MW Indian solar portfolio

The Finnish majority state-owned energy company Fortum has signed an agreement to sell the remaining 43.75% share of its Indian solar power portfolio to Gentari Renewables India Pte. Ltd, said Fortum in a press release on Friday.

The portfolio comprises four solar power plants in India with the total capacity of 185 MW: Amrit (5 MW), Kapeli (10 MW), Bhadla (70 MW) and Pavagada (100 MW).

In the transaction, the other owners – UK Climate Investments Lakeside Limited (40%) and a fund managed by Evli Fund Management Ltd (16.25%) – are also selling their ownership.

In 2018–2019, Fortum sold 56.25% of the company.

Fortum will record some profits from the divestment in connection with the closing of the transaction, expected to take place in the second quarter of 2024.

In 2012, Fortum entered the Indian market and its businesses have mainly included development of renewables.

After the announced divestment, Fortum still has EV charging services and a renewables development portfolio with projects at different stages in India.

In line with its Nordic strategy, Fortum is limiting its exposure in India and evaluating alternatives for these remaining operations and will not make any further commitments in India.

The remaining net assets including guarantees amount to about EUR 30 million.

Source: www.dailyfinland.fi

6 Comments
  1. Alice Smith says

    I think it’s a smart move for Fortum to sell its Indian solar portfolio and focus on its core strengths. Renewable energy is a growing sector in India, and this sale will allow Fortum to reallocate resources more effectively. It will be interesting to see how they further develop their EV charging services and renewables portfolio in the country.

  2. AmyPeterson says

    Isn’t Fortum planning to expand its renewable energy projects in other countries now that it’s divesting from India?

  3. SophiaJohnson123 says

    It’s interesting to see Fortum’s strategic shift in India towards divesting its solar portfolio. It seems like they are focusing more on their EV charging services and renewables development. Excited to see how this move plays out for the company’s future growth!

  4. MeganSmith says

    It’s interesting to see Fortum divesting from its Indian solar portfolio. The company seems to be focusing more on its Nordic strategy and EV charging services now. Excited to see how the renewables market evolves for them in the future!

  5. EmilySmith says

    It’s interesting to see how Fortum is restructuring its investments in India by selling its solar power portfolio. This move aligns with their Nordic strategy, focusing on EV charging services and renewables development. It will be intriguing to follow their future decisions in the Indian market.

  6. EmilySmith42 says

    Will this divestment affect Fortum’s future investments in other countries?

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