Hexa Climate Acquires Fortum's India Renewables; Plans $500 Million Investment

Hexa Climate Solutions, backed by I Squared Capital, has acquired a 100% stake in Fortum India's renewables platform, including its 206 MW commercial and industrial renewable energy portfolio, around 600 MW of ready-to-build projects, and the company's 40-member team. This acquisition marks Fortum's complete exit from the Indian market as part of its broader strategy to refocus on its core Nordic and European businesses. Hexa plans to invest approximately $500 million to scale its renewable energy, water, and carbon platforms in India and other emerging markets, reinforcing its 2.5 GW development pipeline. The deal comes as India aims to significantly boost its non-fossil power capacity to 500 GW by 2030. The acquisition also reflects a wider trend of regional players increasing their commitments to India's renewable energy transition. The specific terms and valuation of the deal have not been disclosed.