CPPIB, KKR, others eye Fortum’s Indian solar projects

At least six firms, including Canada Pension Plan Investment Board (CPPIB), Brookfield Asset Management Inc., private equity firms Actis Llp, KKR, Macquarie Group, and Edelweiss Infrastructure Yield Plus Fund, have separately evinced interest in acquiring a majority stake in Finland’s state-controlled power utility Fortum Oyj’s 500 megawatts (MW) Indian solar projects, said two people, requesting anonymity.

Fortum’s move to seek financial investors reflects growing consolidation in India’s clean energy space. With India slowly opening up for business, the deal activity has picked up for the green economy.

The stake sale, run by Kotak Investment Banking, is potentially valued at around €500 million and may rank among the largest in India’s green energy space.

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