Fortum Completes Divestment of Indian Solar Portfolio to Gentari
The core team of Khaitan & Co included Akhil Bhatnagar, Bhagirath Ashiya, Niyati B., Palak Mohta and Rahul Pai.
Fortum, a Nordic energy firm, has concluded the sale of its remaining share in a 185MW solar portfolio in India to Gentari Renewables, a subsidiary of Gentari, which is owned by Petronas. This sale signifies Fortum’s full withdrawal from the project, which encompasses four solar projects—Amrit, Kapeli, Bhada, and Pavagada—acquired by Fortum between 2013 and 2017.
The transactions occur against a backdrop of increasing interest in India’s solar sector, as local developers added a record-breaking 6.2GW of new solar capacity in March this year, following an additional 15GW in the previous 12 months. Solar energy is expected to play a pivotal role in India’s decarbonization efforts, highlighted by government data showing that solar power contributed 49.1% of all new renewable energy capacity between 2021 and 2022, surpassing other technologies.
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