Fortum has signed an agreement to sell the remaining 43.75% share of its Indian solar power portfolio to Gentari Renewables India Pte. Ltd., a subsidiary of clean energy solutions provider Gentari Sdn. Bhd. The portfolio comprises four solar power plants in India with the total capacity of 185 MW: Amrit (5 MW), Kapeli (10 MW), Bhadla (70 MW) and Pavagada (100 MW). 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. 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.
Further information:
Investors and analysts:
Ingela Ulfves, Vice President, Investor Relations and Financial Communications, tel. +358 40 515 1531
Rauno Tiihonen, IR Director, tel. +358 10 453 6150
Media:
Fortum News Desk, tel. +358 40 198 2843
Fortum
Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5 000 employees, we commit to be a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com
