In a significant development within India’s renewable energy sector, Finnish energy company Fortum Oyj is said to have sold its Indian subsidiary, Fortum India Pvt Ltd, to Hexa Climate Solutions. Although sources suggest the transaction marks Fortum’s complete operational exit from India, no official confirmation has been released by either company.

This potential sale represents the culmination of Fortum’s phased withdrawal from the Indian market. On May 3, 2024, the company announced the divestment of its remaining 43.75% stake in a 185 MW Indian solar power portfolio to Malaysia’s Gentari Renewables.

At the time, Fortum had also disclosed that it was exploring strategic options for its residual Indian interests—including an EV charging network and a renewables development pipeline—with a firm position that it would not pursue additional investments in the country.

The acquirer, Hexa Climate Solutions, has been steadily increasing its presence in India’s clean energy space through acquisitions from various developers. If finalized, this deal would further solidify Hexa’s standing in the country’s rapidly expanding green energy landscape.

Industry analysts view Fortum’s withdrawal as part of a broader Nordic-focused strategic realignment, as the company pivots toward energy markets closer to its European base amidst shifting global investment conditions. At the same time, Hexa’s expanding portfolio reflects a wider trend of regional players scaling up commitments to India’s renewable energy transition.

Until official statements are issued, specifics regarding the deal’s structure, valuation, and integration strategy remain uncertain.