In 2012, Fortum entered the Indian market and its businesses have mainly included development of renewables. Fortum 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.
Solar power in India
In May 2024, Fortum 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 2018–2019, Fortum sold 56.25% of the company.
Investor news 3.5.2024: Fortum sells its ownership in the 185-MW Indian solar portfolio and considers alternatives for its remaining operations in India
Sale of Pavagada and Rajashtan solar parks
In June 2021, Fortum signed an agreement to divest the 250-MW Pavagada II and the 250-MW Rajasthan solar power plants in India to Actis, a global infrastructure investment firm.
Investor news 22.6.2021: Fortum to divest 500 MW of solar power plants in India – agreement with Actis for solar investments
EV charging services in India
In addition to operating solar parks with partners, Fortum has EV charging services in India.