Hexa Climate Solutions Acquires Fortum’s RE Portfolio in India

Hexa Climate Solutions, a portfolio company of I Squared Capital, has acquired Fortum India’s entire renewable energy development portfolio, including 206 MW of operational assets and 600 MW of ready-to-build projects.

April 30, 2025. By Mrinmoy Dey

Hexa Climate Solutions, a portfolio company of I Squared Capital, has announced that it has acquired Nordic energy company Fortum’s renewable energy development portfolio in India.

The company has acquired a 100 per cent stake in Fortum India, including its 40-member team, its 206 MW commercial and industrial renewable energy portfolio and approximately 600 MW of ready-to-build renewable projects, it said in a statement.

It added that the transaction is in line with Fortum's strategy and announcement in 2024 when the company divested the ownership in the 185-MW Indian solar portfolio to limit its exposure in India and explore alternatives for an exit from the Indian market.

Commenting on the development, Sanjeev Aggarwal, Founder and Executive Chairman, Hexa Climate Solutions said, “We are delighted to welcome the talented Fortum India team to Hexa. Together, we are committed to developing high-quality renewable energy and carbon offset solutions for the future. With this acquisition, Hexa Climate reinforces its strong 2.5 GW development pipeline and strengthens its position as a leading climate-focused platform.”

Hexa Climate Solutions, backed by I Squared Capital, aims to invest around USD 500 million to expand its renewable energy, water, and carbon platforms across India and other emerging markets.

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Fortum India RE portfolio

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