According to people familiar with the discussions, Inox Clean Energy has edged ahead of other bidders in the sale process. The transaction is now in its final stages, although negotiations could still change the outcome.
Brookfield has not publicly confirmed the identity of the preferred buyer. When contacted by Moneycontrol, the global investment firm declined to comment, while Inox Clean Energy had not responded to the publication’s query at the time of its report.
Purvah Green Power, which is part of the RP-Sanjiv Goenka Group, remains involved in the bidding process. Earlier reports had identified both Inox Clean Energy and Purvah as leading contenders for the Bikaner portfolio.
550 MW Bikaner portfolio
The asset comprises around 550 MW of renewable power capacity in Bikaner. It supplies electricity to commercial and industrial consumers across India through power purchase agreements.
Hindustan Unilever is among the major customers. It has a 45 MW power purchase agreement linked to the portfolio. Brookfield Properties also sources solar power from the asset for its commercial campuses in Gurugram and Noida.
The presence of established commercial and industrial customers gives the portfolio contracted revenue visibility. This has made the asset attractive to renewable energy companies looking to expand their operating capacity.
The portfolio also received financing support from the International Finance Corporation. In June 2024, IFC committed $105 million through long-term non-convertible debentures for the project’s special purpose vehicles.
Brookfield seeks to recycle renewable assets
The proposed Bikaner sale forms part of Brookfield’s wider portfolio strategy in India’s renewable energy sector.
Brookfield has already sold a 1.6 GW portfolio of solar and wind assets in India to Gentari Renewables India. The company continues to maintain a large renewable energy presence in the country.
Brookfield’s renewable energy business in India has expanded substantially over the past several years. The company has used acquisitions, partnerships and new development platforms to build its clean-energy portfolio.
The Bikaner transaction would allow Brookfield to recycle capital from an operating renewable asset while creating an opportunity for another energy company to expand its presence in India’s commercial and industrial renewable power market.
Inox Clean steps up acquisition activity
The potential acquisition comes as Inox Clean Energy increases its focus on expanding its renewable energy portfolio.
The company is targeting 10 GW of installed renewable energy independent power producer capacity and 11 GW of integrated solar manufacturing capacity by FY28, according to Moneycontrol. It has also been pursuing several acquisitions in the renewable energy sector.
Inox Clean recently completed a ₹6,000 crore acquisition of Vena Energy India’s business. The transaction increased its operating and near-operational renewable portfolio to around 4 GW, while its development pipeline exceeds 12 GW across solar and wind projects. The company also has a 2.5 GWh battery energy storage system pipeline.
The company has previously acquired renewable assets and businesses from several investors and developers, including Macquarie-backed Vibrant Energy and operating solar projects from SunSource Energy.
IPO plans add to expansion drive
Inox Clean Energy is also preparing for a major initial public offering. The company is reportedly planning to file draft papers for a proposed ₹10,000 crore IPO with the Securities and Exchange Board of India.
Moneycontrol reported earlier in September that the company could file the draft documents by the end of September or early October. The proposed IPO is expected to help fund further acquisitions and reduce debt.
The company has also attracted fresh investment as it expands. In July, Rising Sun Holdings, the family office associated with Adar Poonawalla, invested ₹700 crore in Inox Clean Energy at a reported valuation of ₹70,000 crore.
Growing competition for renewable assets
The Bikaner sale reflects the growing competition among Indian renewable energy companies for operating clean-power assets.
Earlier in the sale process, several companies and infrastructure investors had reportedly shown interest, including Actis, IndiGrid, Jindal Renewable Energy and Macquarie-backed Blueleaf Energy. Inox Clean Energy and Purvah Green Power later emerged as the leading contenders.
Operating projects with long-term commercial and industrial customers are becoming important acquisition targets as companies seek to scale their renewable portfolios without relying entirely on new project development.
For Brookfield, the Bikaner transaction would be another step in reshaping its Indian renewable portfolio. For Inox Clean Energy, acquiring the 550 MW asset would add another operating platform as it works towards its FY28 capacity targets.
However, the transaction is not final yet. The final outcome will depend on negotiations between Brookfield and the remaining bidders, with the reported ₹2,500 crore valuation and potential signing timeline still subject to change.