Fortum has signed an agreement to sell the remaining 43.75% share of its Indian solar power portfolio to Gentari Renewables India, a subsidiary of clean energy solutions provider Gentari Sdn. Bhd.
The portfolio comprises four solar power plants in India with a total capacity of 185 MW. The assets sold include 75 MW in Rajasthan (5 MW in Bhilwara and 70 MW in Bhadla), 10 MW in Madhya Pradesh, and 100 MW Pavagada plant in Karnataka.
In the transaction, the other owners including UK Climate Investments Lakeside Limited (40%) and a fund managed by Evli Fund Management Ltd (16.25%) are also selling their ownership.
In 2018–19, Fortum sold 56.25% of the company.
Fortum stated it 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 approximately EUR 30 million.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.