Fortum sells its ownership in the 185-MW Indian solar portfolio and considers alternatives for its remaining operations in India

FORTUM CORPORATION INVESTOR NEWS 3 MAY 2024 9:30

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