popular articles

Fortum sells its stake in Indian Solar Energy to Gentari

Fortum finalizes the sale of its remaining stake in four Indian photovoltaic power plants, marking a strategic refocusing on its Nordic operations.
Fortum parts Inde

Please share:

Energy giant Fortum has reached an agreement to sell the remaining 43.75% of its solar portfolio in India to Gentari Renewables India Pte. Ltd., a subsidiary of clean energy solutions provider Gentari Sdn. Bhd. This transaction includes four solar power plants with a total capacity of 185 MW, located in Amrit, Kapeli, Bhadla, and Pavagada. This sale is the conclusion of a gradual divestment begun in 2018, when Fortum had already sold 56.25% of its shares in these assets.

Financial and strategic implications

The sale, which should be completed in the second quarter of 2024, will enable Fortum to record a significant profit. This withdrawal is part of a broader strategy to refocus on its Nordic activities, in line with the company’s strategy to limit its exposure to the Indian market. In addition to the solar power plants, the other co-owners, UK Climate Investments Lakeside Limited and a fund managed by Evli Fund Management Ltd, are also selling their shares, consolidating Gentari’s presence in India’s renewable energy sector.

Fortum’s reorientation and impact on the Indian market

Following the sale, Fortum will continue to manage a portfolio of renewable development and electric vehicle charging services in India, while evaluating alternatives for these remaining operations. This decision not to make any new commitments in India reflects a prudent strategy in the context of a global re-evaluation of its international investments. Remaining net assets, including guarantees, are estimated at around 30 million euros, underlining the reduced scale of Fortum’s operations in the region. Fortum’s sale of its shares in the Indian solar sector to Gentari marks not only a strategic withdrawal from the Indian market, but also an increased focus on its core Nordic markets. This transaction illustrates the changing dynamics of the global renewable energy market and positions Gentari as a key player in the future development ofsolar energy in India.

Register free of charge for uninterrupted access.

Publicite

Recently published in

The US solar industry is expected to add 502 GWdc of capacity to the market by 2035. However, political uncertainty could jeopardize these projections, putting future investments at risk.
The UK government has introduced an amendment aimed at preventing its public company from buying components linked to forced labour, which could impact the supply of Chinese solar panels.
The UK government has introduced an amendment aimed at preventing its public company from buying components linked to forced labour, which could impact the supply of Chinese solar panels.
CATL introduced several innovative batteries for electric vehicles, including the Naxtra, the first series-produced sodium-ion battery, and the Freevoy, marking the entry into the era of multiple power sources.
CATL introduced several innovative batteries for electric vehicles, including the Naxtra, the first series-produced sodium-ion battery, and the Freevoy, marking the entry into the era of multiple power sources.
Meyer Burger announces the introduction of short-time work at its Thalheim site starting May 1, 2025, affecting 300 employees due to temporary material shortages required for solar cell production.
Meyer Burger announces the introduction of short-time work at its Thalheim site starting May 1, 2025, affecting 300 employees due to temporary material shortages required for solar cell production.
After a one-year interruption, the Noor Ouarzazate III solar plant, with a capacity of 150 MW, has been brought back into operation by the Masen group. This event highlights Morocco's ambitions in renewable energy and energy transition.
Algeria explores a partnership with Chinese giant LONGi to launch local solar panel production. This initiative is part of the country's energy diversification strategy.
Algeria explores a partnership with Chinese giant LONGi to launch local solar panel production. This initiative is part of the country's energy diversification strategy.
The United States plans to impose heavy tariffs on solar panels from four Asian countries, citing transnational subsidies supported by China.
The United States plans to impose heavy tariffs on solar panels from four Asian countries, citing transnational subsidies supported by China.
Chinese group Das Solar begins construction of its first European factory in Mandeure, with an initial 2 GW capacity and the planned creation of 600 jobs.
Chinese group Das Solar begins construction of its first European factory in Mandeure, with an initial 2 GW capacity and the planned creation of 600 jobs.
EDP (Energias de Portugal) expands its German portfolio with a second 65 MWp photovoltaic complex. Carried out with Kronos Solar EDPR, this initiative supplies nearly 22,000 households and marks a step forward in its European growth strategy.
Recurrent Energy launched operations of a 127 MW solar site in Louisiana, marking a strategic first entry into a state with strong industrial energy demand.
Recurrent Energy launched operations of a 127 MW solar site in Louisiana, marking a strategic first entry into a state with strong industrial energy demand.
AXIAN Energy has entrusted Voltalia and Entech with the development of a 60 MW solar plant combined with 90 MWh storage in the Kolda region, scheduled to be operational by 2026.
AXIAN Energy has entrusted Voltalia and Entech with the development of a 60 MW solar plant combined with 90 MWh storage in the Kolda region, scheduled to be operational by 2026.
Atlas Renewable Energy has signed a power purchase agreement with Chlorum Solutions to power its chemical operations in Brazil with 24 MW of solar energy from the Draco complex.
Atlas Renewable Energy has signed a power purchase agreement with Chlorum Solutions to power its chemical operations in Brazil with 24 MW of solar energy from the Draco complex.
Kosol Energie has completed a 10 MW solar power plant in the Kutch desert, relying on GoodWe inverters to optimise energy output under extreme climate conditions.
EDF Renewables and Power Sustainable secured financing for Desert Quartzite, a 375 MW solar power plant with storage, located in California and operational since December 2024.
EDF Renewables and Power Sustainable secured financing for Desert Quartzite, a 375 MW solar power plant with storage, located in California and operational since December 2024.
Catalyze has secured an $85 million tax equity investment from RBC to support the development of 75 MW of commercial and community solar projects across the United States by the end of 2025.
Catalyze has secured an $85 million tax equity investment from RBC to support the development of 75 MW of commercial and community solar projects across the United States by the end of 2025.
The New York-based developer has received permission to operate Troy Solar I, a 995 kW power plant connected to the Central Maine Power grid.
The New York-based developer has received permission to operate Troy Solar I, a 995 kW power plant connected to the Central Maine Power grid.
US manufacturer ES Foundry has signed a three-year, 150 MW supply agreement with a community solar developer to reinforce its domestic supply chain and support the expansion of the solar market in the United States.
The Ethiopian Prime Minister’s visit to TOYO’s factory in Vietnam signals a new phase in energy cooperation with the Japanese group, focusing on industrial expansion in Ethiopia.
The Ethiopian Prime Minister’s visit to TOYO’s factory in Vietnam signals a new phase in energy cooperation with the Japanese group, focusing on industrial expansion in Ethiopia.
Niger is increasing its reliance on solar energy to offset the reduction in Nigerian electricity exports, a direct consequence of diplomatic tensions following the regime change in Niamey.
Niger is increasing its reliance on solar energy to offset the reduction in Nigerian electricity exports, a direct consequence of diplomatic tensions following the regime change in Niamey.
DTE Energy has begun construction of a new solar park to provide Ford Motor Company with 100% renewable electricity for its manufacturing sites in Michigan.
DTE Energy has begun construction of a new solar park to provide Ford Motor Company with 100% renewable electricity for its manufacturing sites in Michigan.
UK commercial and industrial solar specialist Atrato Onsite Energy has finalised a structured financing agreement with Barclays to support the expansion of its photovoltaic asset base.
Matrix Renewables and rPlus Energies have completed the commissioning of Pleasant Valley Solar 1, a 261 MWdc project located in Ada County, Idaho, now the largest solar facility in Idaho Power’s network.
Matrix Renewables and rPlus Energies have completed the commissioning of Pleasant Valley Solar 1, a 261 MWdc project located in Ada County, Idaho, now the largest solar facility in Idaho Power’s network.
The first phase of the 500 MW photovoltaic project in Yingjisha has been commissioned, marking a key milestone in expanding solar capacity in the Kashgar region.
The first phase of the 500 MW photovoltaic project in Yingjisha has been commissioned, marking a key milestone in expanding solar capacity in the Kashgar region.
Groupe VALOREM secured €22mn in funding with Arkéa Banque to develop 63 rooftop photovoltaic plants in Nouvelle-Aquitaine and Occitanie, consolidating its model in a shifting French solar market.
Groupe VALOREM secured €22mn in funding with Arkéa Banque to develop 63 rooftop photovoltaic plants in Nouvelle-Aquitaine and Occitanie, consolidating its model in a shifting French solar market.

Advertising