New Delhi: RP Sanjiv Goenka's Purvah Green, Inox Clean Energy, and Hexa Climate have submitted binding financial bids to acquire Italian state-backed Enel Group's operations in India, said people familiar with the matter.
The three firms submitted their bids last week in the ₹3,000 crore enterprise value range for Enel's India business comprising renewable energy generation projects with a potential capacity of 2.5 gigawatts, the people said. The bids were preceded by a six-week period of due diligence during which the Indian suitors were given access to the assets of Enel Green Power India Pvt Ltd.
Temasek-backed Sembcorp and Macquarie-backed Blueleaf Energy were also among the shortlisted parties but they eventually decided against submitting binding bids, said the people cited above.
Rome-based Enel, the world's largest private operator of renewable energy assets by installed capacity, had agreed to divest its India business to Waaree Energies in January 2025 but later accused the latter of reneging on commitments to close the deal. Enel has initiated arbitration at the International Chamber of Commerce, claiming damages against Waaree.
The potential sale by Enel during an ongoing litigation could pose challenges for a new buyer who would want clarity on whether the legal proceedings could result in liabilities, the people said.
Enel declined to comment. RP Sanjiv Goenka Group, Inox Clean, and Hexa Climate didn't comment.
Solar panel maker Waaree Energies, which listed on the stock market in October 2024, had offered ₹792 crore in cash to acquire 100% of Enel Green Power India from Enel Green Power Development SRL. Including the renewable power producer's debt that Waaree had agreed to absorb, the enterprise value of the deal was nearly ₹3,500 crore, as per the people. Waaree later abandoned the planned purchase.
Of the 2.5 gigawatts of projects launched by Enel Green Power in India, about 640 megawatts comprises operational solar and wind energy installations. It has floated over 20 special purpose vehicles to house the operational and under-construction projects.
The three firms submitted their bids last week in the ₹3,000 crore enterprise value range for Enel's India business comprising renewable energy generation projects with a potential capacity of 2.5 gigawatts, the people said. The bids were preceded by a six-week period of due diligence during which the Indian suitors were given access to the assets of Enel Green Power India Pvt Ltd.
Temasek-backed Sembcorp and Macquarie-backed Blueleaf Energy were also among the shortlisted parties but they eventually decided against submitting binding bids, said the people cited above.
The potential sale by Enel during an ongoing litigation could pose challenges for a new buyer who would want clarity on whether the legal proceedings could result in liabilities, the people said.
Enel declined to comment. RP Sanjiv Goenka Group, Inox Clean, and Hexa Climate didn't comment.
Solar panel maker Waaree Energies, which listed on the stock market in October 2024, had offered ₹792 crore in cash to acquire 100% of Enel Green Power India from Enel Green Power Development SRL. Including the renewable power producer's debt that Waaree had agreed to absorb, the enterprise value of the deal was nearly ₹3,500 crore, as per the people. Waaree later abandoned the planned purchase.
Of the 2.5 gigawatts of projects launched by Enel Green Power in India, about 640 megawatts comprises operational solar and wind energy installations. It has floated over 20 special purpose vehicles to house the operational and under-construction projects.