Industry Odisha Bureau, Sep 08: Two clean energy firms are competing for Brookfield’s Rajasthan renewable portfolio. The 550 MW asset carries an estimated ₹2,500 crore valuation.
A high-stakes contest is unfolding in India’s clean energy sector. Inox Clean Energy and Purvah Green Power are the front runners. Both companies are pursuing Brookfield Asset Management’s Bikaner renewable portfolio. People familiar with the matter shared these details.
Asset Scale And Valuation
The portfolio spans 550 megawatts of renewable capacity in Rajasthan. Its expected enterprise valuation sits around ₹2,500 crore. This positions it among India’s more significant clean energy transactions currently underway. The asset supplies power specifically to commercial and industrial consumers nationwide.
Purvah Green Power operates under the RP-Sanjiv Goenka Group umbrella. Inox Clean Energy brings its own renewable energy expertise forward. Neither company has commented publicly on the ongoing discussions yet.
Customer Base Adds Commercial Weight
The portfolio’s client roster includes several notable corporate names. Hindustan Unilever holds a 45 MW power purchase agreement here. Brookfield Properties also sources solar power for its own campuses. Its Gurugram and Noida commercial properties draw from this portfolio.
This diversified customer base likely strengthens the asset’s commercial appeal. International Finance Corporation backing adds further institutional credibility to the project.
A Crowded Field Earlier This Year
This wasn’t always a two-horse race, according to earlier reporting. Multiple infrastructure investors previously explored acquiring this same portfolio. Actis, IndiGrid, and Jindal Renewable Energy were among interested parties. Macquarie-backed Blueleaf Energy and InoxGFL also explored the opportunity.
That broader competitive field has apparently narrowed considerably since then. Brookfield has not confirmed any details about this narrowing. A company spokesperson declined to comment when contacted directly.
Part Of A Larger Portfolio Strategy
This potential sale fits within Brookfield’s ongoing India strategy shift. The firm sold 1.6 GW of solar and wind assets last year. Gentari Renewables India acquired that earlier, larger renewable package.
Brookfield’s India renewable footprint remains substantial despite these divestments. The firm manages over 50 GW in operating and pipeline projects. Energy-specific assets under management approach nearly $5 billion currently. Brookfield’s total India AUM spans roughly $32 billion across multiple sectors.
The Bikaner investment originated through Brookfield’s flagship transition fund. This vehicle, BGTF I, focuses specifically on energy transition investments globally.
Whether Inox Clean Energy or Purvah Green Power ultimately prevails remains unclear. No transaction timeline or final agreement has been announced publicly.
