M&A

M&A

Finnish energy co. Fortum sells India unit to I Squared-backed Hexa Climate

Mint  

I Squared Capital-backed Hexa Climate Solutions has acquired 100% stake in New Delhi-headquartered platform Fortum India Pvt Ltd (FIPL), the Indian unit of Finland's state-run energy utility Fortum.There were five bidders in the sales process run by EY, including Japan’ Marubeni Corp, Dutch pension fund APG, and infrastructure fund manager AP Moller Capital. Ten companies including steel and mining major ArcelorMittal had signed non-disclosure agreements (NDA) for the transaction termed as Project Samsara. Fortum entered India in 2012. FIPL’s portfolio includes a 206 mega watt (MW) commercial and industrial (C&I) solar-wind hybrid, and another 600 MW of ready to build projects.