Indian renewable energy companies Purvah Green, Inox Clean Energy, and Hexa Climate have submitted binding financial bids to acquire the India renewable energy portfolio of Enel Group.

The bids were submitted following an extensive six-week due diligence process and reportedly value the business at an enterprise value of nearly ₹3,000 crore.

The renewable assets are held under Enel Green Power India Pvt Ltd and include projects with a potential generation capacity of around 2.5 GW. Of this, nearly 640 MW consists of operational solar and wind energy assets currently generating power in India.

The transaction represents a significant opportunity for Indian renewable energy developers seeking to expand their operational portfolios amid growing demand for clean energy infrastructure and large-scale renewable capacity additions.

Sources indicated that Sembcorp, backed by Temasek, and Blueleaf Energy were among the shortlisted contenders during the process but eventually decided not to participate in the final round of bidding.

The proposed acquisition also carries potential legal and contractual complexities. The sale process follows an ongoing arbitration dispute between Enel and Waaree Energies linked to a failed transaction in 2025. Industry observers believe the dispute could influence negotiations and due diligence considerations for the eventual buyer.

The deal highlights increasing consolidation activity within India’s renewable energy sector, where both domestic and international players are competing aggressively for operational clean energy assets to strengthen market presence and scale.

Experts believe the acquisition could provide the winning bidder with immediate operational capacity along with a strategic pipeline of renewable projects at a time when India is accelerating its transition towards non-fossil fuel energy generation.