New Delhi, Apr 30 (PTI) Hexa Climate Solutions on Wednesday announced the acquisition of renewable energy development portfolio of Fortum Corporation (Fortum).
Hexa Climate Solutions has acquired a 100 per cent stake in Fortum India (FIPL), its 206 MW commercial and industrial (C&I) renewable energy portfolio and approximately 600 MW of ready-to-build renewable projects, the company said in a statement without disclosing the deal size.
The deal also includes 40-member team of FIPL, the company said.
Hexa Climate Solutions, which is backed by global investor I Squared Capital, plans to invest approximately USD 500 million to scale up its renewable energy, water, and carbon platforms in India and other emerging markets.
"The acquisition of Fortum India marks a significant step in Hexa Climate Solutions' mission to accelerate the clean energy transition across emerging markets," said Sanjeev Aggarwal, Founder and Executive Chairman, Hexa Climate Solutions. With this acquisition, Hexa Climate reinforces its strong 2.5 GW development pipeline and strengthens its position as a leading climate-focused platform, he said.