Hexa Climate Solutions recently confirmed its acquisition of Fortum’s Indian renewables portfolio. This action represents a big leap in that company’s clean energy efforts. The smart play is a $100 million equity investment to help get dozens of as yet unbuilt solar and wind projects across India’s finish line. This acquisition prefigures India’s ambitious goal. The country plans to increase its non-fossil power capacity almost threefold to at least 500 gigawatts (GW) by 2030.
The agreement transfers complete control of Fortum India to Hexa Climate Solutions. The purchase consists of a broad type of assets, going all the way to a 206 megawatt (MW) business and industrial renewables portion. Furthermore, the acquisition includes a strong development pipeline of 600 MW of shovel-ready renewable projects. This significant addition strengthens Hexa’s hand as a growing player in India’s rapidly expanding renewable energy sector. It’s a key enabler of the country’s transition to renewable, clean energy sources.
Hexa Climate Solutions anticipates approximately 65% of the acquired portfolio will consist of solar assets. Of that last 35%, the vast majority will be wind assets. The merger will combine a committed staff of 40 experienced specialists. They will help make sure the transition and development of these projects is seamless.
Determined to address the dire need for renewable energy, Sanjeev Aggarwal started Hexa Climate Solutions. The company aims to deliver the most advanced net-zero solutions in strategic markets, including India, Taiwan, the Philippines, Japan, South Korea and Malaysia. The company plans to spend an eye-popping $500 million to scale up its clean energy initiatives. On top of that, it will invest $400 million to expand its renewable energy offerings.
Hexa Climate Solutions has set a target to increase its clean energy capacity from the current 100 MW to an impressive 2.5 GW by 2027. This growth strategy is another example of the company’s investment in increasing its footprint in emerging markets. Additionally, it lays out the company’s part in the worldwide struggle against climate change.