Actis, IndiGrid, Inox in Negotiations for Brookfield’s Renewable Energy Assets

Key Takeaways

Major investors are vying for Brookfield Asset Management’s 550 MW renewable energy portfolio in Bikaner, valued at approximately ₹3,000 crore.
Key interested parties include Actis, INOXGFL, Jindal Renewable Energy, RP-Sanjiv Goenka Group, and Blueleaf Energy.
Brookfield’s renewable energy portfolio features notable clients like Hindustan Unilever and is part of a larger $15 billion investment in India’s energy sector.

Active Acquisition Discussions for Renewable Energy Portfolio

Renewable energy firms and infrastructure investors are engaging in talks to purchase Brookfield Asset Management’s 550-megawatt renewable energy portfolio located in Bikaner, India. This initiative has attracted interest from several key players, notably Actis, INOXGFL, and IndiGrid, alongside other potential bidders like Jindal Renewable Energy and Blueleaf Energy, backed by Naveen Jindal and Macquarie, respectively.

Valued at around ₹3,000 crore based on enterprise value, Brookfield’s portfolio primarily provides clean energy to commercial and industrial (C&I) consumers. The project has garnered significant attention after Brookfield appointed an investment bank to oversee the sale process, which was first reported by ET in April. Investment interest has stemmed from both global and domestic energy investors.

The Bikaner project is supported by the International Finance Corporation (IFC), boasting a diverse range of C&I clients. Among its prominent customers is Hindustan Unilever, which has a power purchase agreement (PPA) for 45 MW of electricity. Additionally, Brookfield Properties’ commercial campuses in Gurgaon and Noida are also supplied with solar energy from this portfolio.

Brookfield’s investment in the Bikaner project is part of its inaugural Brookfield Global Transition Fund (BGTF I), a $15 billion fund dedicated to energy transition that was launched in 2022. The fund has since been completely deployed, and Brookfield has secured $20 billion for its successor, BGTF II. Notably, in 2024, IFC committed $105 million in long-term non-convertible debentures to support the project.

As of 2024, Brookfield has successfully commissioned the first phase of the Bikaner project, which encompasses 268 MW of capacity. PTC India also signed a long-term PPA in 2023 for 100 MW of solar power to market this electricity to various distribution utilities and C&I consumers.

Currently, Brookfield has over $4 billion invested in the Indian energy sector, managing approximately 45 GW of operational and pipeline wind and solar assets. Looking forward, India’s commercial and industrial renewable energy capacity is expected to surge from 32 GW in 2025 to 100 GW by 2032, driven by factors such as attractive long-term PPA tariffs, net-zero targets, and a mandate for corporate renewable purchase obligations as reported by Crisil Ratings.

Within this evolving landscape, INOXGFL Group’s renewable energy ventures are increasingly characterized by its subsidiary, Inox Clean Energy Limited. This group notably acquired Vibrant Energy, a significant 1.3 GW C&I platform previously owned by Macquarie, spotlighting the aggressive expansion efforts within India’s burgeoning renewable energy sector.

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