Brookfield Asset Management has initiated the divestment of its 550-megawatt (MW) solar power project in Bikaner, Rajasthan, for an estimated enterprise value (EV) of ₹3,000 crore (approximately $360 million). Investment bank Jefferies is managing the sale process, which has attracted initial interest from domestic power producers and international institutional investors. The transaction is a core component of Brookfield’s capital recycling strategy, intended to redeploy liquidity into higher-growth transition energy segments within the Indian market.
Financial and Advisory Framework
The transaction targets a valuation of approximately ₹54.5 million per megawatt ($0.6–0.8 million per MW). This enterprise value, which factors in debt and cash holdings, aligns with current market benchmarks for high-quality renewable assets. Jefferies is currently overseeing the competitive bidding process, with market participants noting a rise in competition from platforms such as Inox Clean Energy (recently acquired by Macquarie’s Vibrant Energy) and Global Infrastructure Partners/BlackRock, which recently invested in Aditya Birla Renewables.
The project’s capital structure includes $105 million in financing previously provided by the International Finance Corporation (IFC) through long-term non-convertible debentures. A defining technical characteristic of the Bikaner asset is its hybrid offtake structure, the first of its kind financed by the IFC in the Asia-Pacific region. This model mitigates risk by balancing long-term corporate power purchase agreements (PPAs) with merchant market sales via energy exchanges.
Project Specifications and Operational Status
The Bikaner facility has a total capacity of 550 MW, with the initial phase of 268 MW commissioned in 2024. The asset’s revenue is secured through a diversified portfolio of offtake agreements:
- Hindustan Unilever: Secures a 45 MW supply under a dedicated PPA.
- PTC India: Operates under a 100 MW marketing agreement to distribute green power to utilities and industrial clients.
- Brookfield Properties: Sources power for four office campuses in Gurgaon and Noida totaling 1.4 million square feet (MSF), which represents a targeted portion of the firm’s 15.4 MSF Delhi-NCR portfolio.
According to IFC data, the facility mitigates approximately 804,408 tons of CO2 annually. The project is connected to the interstate transmission system (ISTS) section of India’s green energy corridor, allowing for efficient pan-India power distribution.
Strategic Rationale and Market Outlook
The divestment follows Brookfield’s precedent of exiting mature portfolios, such as the 1.6 GW solar and wind sale to Gentari Renewables in 2023. This capital recycling enables the firm to shift focus toward emerging segments including Electric Vehicles (EVs) and Green Hydrogen. The Bikaner project was initially funded by the 15 billion Brookfield Global Transition Fund I (BGTF I)**, and proceeds are expected to support new deployments under the recently closed **20 billion BGTF II.
Brookfield intends to expand its Indian asset base from approximately 32 billion to **100 billion by 2030**. This growth strategy coincides with a projected expansion in the Indian Commercial & Industrial (C&I) renewable sector. Total capacity in this segment is expected to reach 40 GW by the end of the 2025-26 fiscal year, and is forecast to grow to 57 GW by 2027-28. This trajectory is supported by corporate net-zero mandates and regulatory frameworks such as the Green Energy Open Access Rules.
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