Fortum divests remaining stake in Indian solar assets

It sold its remaining 43.75% share in 185 MW solar plants to Gentari Renewables India.

Nordic energy firm Fortum has signed an agreement with Gentari Renewables India to sell its remaining 43.75% share in its Indian solar power assets.

In a statement, Fortum said the portfolio sol included the five-megawatt (MW) Amrit plant, 10 MW Kaperli plant, 70 MW Bhadla plant, and the 100 MW plant.

The other owners which include the UK Climate Investments Lakeside Limited, and a fund managed by Evli Fund Management, also sold their stakes.

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“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,” Fortum said.

The company entered the Indian market in 2012 and sold 56.25% of its solar portfolio from 2018 to 2019.

Fortum still has its electric vehicle charging services and renewables development portfolio.

Its remaining net assets and guarantees are worth around $32.2m (EUR30m).

$1 = EUR0.93