Other interested players include Naveen Jindal-backed Jindal Renewable Energy, renewable energy arm of RP-Sanjiv Goenka Group, and Macquarie-backed Blueleaf Energy, they said.
The portfolio, which supplies clean power to commercial and industrial (C&I) consumers across India, is expected to be valued at about ₹3,000 crore on an enterprise value basis.
Brookfield had appointed an investment bank to run the sale process and has received interest from a mix of global infrastructure investors and domestic power producers, ET first reported in April.
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ET BureauCo’s 550-megawatt green energy portfolio in Bikaner likely to be valued at around ₹3k cr
The project, backed by International Finance Corporation (IFC), has a diversified base of C&I customers. Hindustan Unilever is among its marquee clients, with a 45 MW power purchase agreement (PPA), while Brookfield Properties’ commercial campuses in Gurgaon and Noida also source solar power from the portfolio.
Spokespersons of Brookfield, Actis, INOXGFL and Macquarie declined to comment.The equity investment in the Bikaner portfolio was made through the first Brookfield Global Transition Fund (BGTF I), the firm’s flagship energy transition vehicle. Brookfield invests in India’s renewable energy sector through BGTF I, a $15 billion fund launched in 2022, which has since been fully deployed. The asset manager has also completed fundraising for its successor vehicle, BGTF II, which has secured $20 billion in commitments.
In 2024, IFC committed $105 million through long-term non-convertible debentures to part finance the project in Bikaner.
Of the total 550 MW capacity, Brookfield commissioned the first phase of 268 MW in 2024. Ahead of the commissioning, PTC India signed a long-term PPA with Brookfield Renewables in 2023 to procure 100 MW of solar power. Under the agreement, PTC India markets the electricity to distribution utilities as well as C&I consumers.
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Brookfield currently has more than $4 billion invested in the Indian energy sector, with a portfolio of about 45 GW of wind and solar assets in operation and pipeline across various platforms.
India’s commercial and industrial renewable energy capacity could increase from 32 GW in 2025 to 100 GW by 2032, according to a report by the India Energy Storage Alliance. The domestic C&I energy storage market is set for significant expansion, with installed capacity projected to increase to 22-31 GW by 2032 from less than 1 GW in 2025, it said.
The major factors driving the growth are favourable long-term PPA tariff vis-a-vis on-grid tariff, net-zero targets, renewable purchase obligation for corporates, said a recent Crisil Ratings report.
INOXGFL Group’s C&I renewable energy business is driven by Inox Clean Energy Limited and its subsidiary Inox Neo Energies. In December 2025, Inox Clean Energy acquired Vibrant Energy, a 1.3 GW C&I platform owned by Macquarie.