Hexa Climate Solutions, backed by I Squared Capital, has acquired 100% of Fortum India.

Including its 40-member team, a 206 MW commercial and industrial renewable energy portfolio, and around 600 MW of ready-to-build projects. This acquisition aligns with Fortum's 2024 strategy to reduce its exposure in India after divesting a 185 MW solar portfolio. The deal strengthens Hexa’s 2.5 GW development pipeline and reinforces its position as a leading climate-focused platform. Hexa plans to invest $500 million to scale renewable energy, water, and carbon platforms across India and other emerging markets. Fortum welcomed the transition, with executives expressing confidence in Hexa’s commitment to advancing sustainable energy and continuing Fortum India’s legacy in renewable development.