Fortum has signed an agreement to sell the remaining share of its Indian solar power portfolio to Gentari Renewables India, a subsidiary of clean energy solutions provider Gentari.
The 43.75% share is of a portfolio comprising four solar power plants in India with the total capacity of 185MW: Amrit (5MW), Kapeli (10MW), Bhadla (70MW) and Pavagada (100MW).
In the transaction, the other owners – UK Climate Investments Lakeside Limited (40%) and a fund managed by Evli Fund Management Ltd (16.25%) – are also selling their ownership.
In 2018–2019, Fortum sold 56.25% of the company.
Fortum 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.
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 €30m, Fortum said.