Hexa Climate Solutions has acquired Finnish firm Fortum’s Indian renewables portfolio and plans to invest $500 million to expand its clean energy projects.
Hexa Climate, founded by Sanjeev Agarwal, who had earlier founded Amplus Solar and sold it to Malaysia’s Petronas Energy, is backed by private equity firm I Squared Capital.
Fortum is a Finnish government-owned RE developer.
The deal includes a 100 percent stake in Fortum’s India unit, which has a 206 MW commercial and industrial renewables portfolio, a 600 MW pipeline of ready-to-build projects, and Fortum’s 40-member India team, according to a statement by Hexa Climate.
It 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.
