Fortum to sell 54% stake in India solar portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
Credit: Fortum

Finland’s Fortum has signed an agreement to sell a 54% share in its solar power company that operates four projects in India, with an aggregate capacity of 185MW, to UK Climate Investments (UKCI) (40%) and Elite Alfred Berg (EAB) (14%).

Elite Alfred Berg has the option to buy up to an additional 16% from Fortum. Through the partnership, Fortum will retain a significant minority ownership in the solar company and continue to provide operation and maintenance (O&M) services.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The transaction is subject to regulatory approvals in the EU and is expected to close in the beginning of the third quarter 2018.

Kari Kautinen, SVP, M&A and Solar & Wind Development at Fortum, said: “Our ambition is to continue the partnership also for future solar power projects. The arrangement frees up capital for further investments and enables Fortum to continue to utilise its key competencies to develop, construct and operate solar power plants in India.”

“This project demonstrates the growing maturity of India’s secondary market for renewables – creating an environment in which private investors have confidence to invest in new greenfield projects that will accelerate the decarbonisation of India’s economy,” said Richard Abel, managing director of UK Climate Investments.

UKCI is a £200 million pilot investment programme mandated to invest in green projects in India and across sub-Saharan Africa ,while EAB is an investment service company.

Last year, the head of consultancy firm Bridge to India, said that many developers with solar assets in India are looking to sell their portfolios. Some of them have been in the market for a long time and are under pressure from their investors to find an exit. Meanwhile, PV Tech recently analysed how hardening interest rates might impact the secondary market in India's solar sector.

Read Next

June 27, 2025
Indian solar manufacturer Premier Energies has commissioned its 1.2GW TOPCon solar cell manufacturing line at Fab City, Hyderabad, Telangana.
June 26, 2025
ACEN has partnered with UPC Renewables to build two renewable projects in Rajasthan and Karnataka, India. 
June 25, 2025
Emmvee has secured INR15 billion (US$174 million) order for TOPCon bifacial solar modules from KPI Green Energy. 
June 25, 2025
State-owned firm Solar Energy Corporation of India (SECI) has launched a solar-plus-storage tender seeking 1.2GW of solar PV.
June 24, 2025
Waaree Renewable Technologies has signed an MoU with Viet Khanh to establish a 100MWp solar project in the region. 
June 24, 2025
BluPine Energy has raised INR2,416 million (US$290 million) debt sanctions for its 150MW power project in Aland, Karnataka.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico