Fortum has agreed to sell its remaining 43.75% stake in its Indian solar power assets to Gentari Renewables India Pte. Ltd., a subsidiary of Gentari Sdn. Bhd. The portfolio consists of four solar plants totaling 185 MW: Amrit (5 MW), Kapeli (10 MW), Bhadla (70 MW), and Pavagada (100 MW). UK Climate Investments Lakeside Limited (40%) and a fund managed by Evli Fund Management Ltd (16.25%) are also selling their shares. Fortum entered the Indian market in 2012 and sold 56.25% of the company in 2018–2019. The company expects to book profits upon the transaction’s completion in Q2 2024. Following the divestment, Fortum will retain its EV charging services and a renewables development portfolio in India. Remaining net assets, including guarantees, amount to about €30 million.
Gentari acquires Fortum’s Indian solar assets
Fortum has divested off its remaining Indian solar assets, keeping focus on its EV charging business. (Image Credit: PRNewswire)
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