Global Infrastructure Partners (GIP), a BlackRock subsidiary, has shortlisted four potential buyers for Vena Energy India, its 1.1 GW renewable energy platform, said people familiar with the matter.
Actis, Sembcorp, KKR, and Edelweiss-owned Sekura Energy are currently conducting due diligence as part of the sale process, the people said.
Torrent Power has also emerged as a potential bidder, although this couldn’t be independently confirmed.
The platform is expected to command an enterprise valuation of ₹4,500-5,000 crore ($500 million), the people said.
Vena Energy India currently has 957 MW of operational renewable assets, with an additional 59 MW under construction. It is a subsidiary of Singapore-based Vena Energy, which has a global renewable energy development pipeline exceeding 39.2 GW.
GIP owns a 76% stake in Vena Energy, with the remainder 24% held jointly by China Investment Corporation and Canada’s Public Sector Pension Investment Board. BlackRock acquired 100% ownership of GIP in FY25.
GIP has appointed Morgan Stanley and Japan’s Mitsubishi UFJ Financial Group to advise on the sale of a controlling stake in Vena Energy globally, a deal that could value the company at up to $10 billion, Reuters reported in February last year.
Vena Energy, KKR, Sembcorp, Edelweiss and Actis didn’t respond to email queries.
In 2017, a consortium led by GIP, alongside PSP and CIC Capital Corporation, acquired the wind and solar portfolio of Equis Funds Group, later rebranded as Vena Energy, for $5 billion, marking one of the largest renewable energy transactions globally at the time.
Vena Energy India’s projects span Madhya Pradesh, Telangana, Maharashtra, Karnataka, and Gujarat. Its assets include the 108 MW Vena Energy Fatanpur Power wind farm in Dewas and the 26 MW Vena Energy JMD Power wind project in Jamgodrani, also in Dewas. In Gujarat, the company operates multiple solar and wind assets, including a 100 MW solar project at the Dholera solar park, while in Karnataka, it runs the 176 MW Gudadur hybrid (solar-wind) project in Koppal district.
GIP has been actively reshaping its India portfolio. In 2022, it sold its 700 MW Vector Green Energy platform to Sembcorp for about $345 million.
More recently, following BlackRock’s $12.5 billion acquisition of GIP, the infrastructure investor stepped up its India exposure.
