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Blackstone Eyes Renewable Energy Entry with $1.5 Billion Bid for Statkraft India

Blackstone has submitted a non-binding $1.5 billion bid for Statkraft’s India unit, marking its first potential foray into the country’s renewable energy space. Statkraft, a Norwegian state-owned clean energy giant and Europe’s largest renewable energy generator, is planning to exit India by October 2024. Its local unit owns 2 GW of renewable power generation assets and has operated in India since 2001.

The bid from Blackstone, which recently closed a $5.6 billion global energy transition fund, is part of a competitive race involving other major players including Sembcorp, BlackRock, and KKR-backed Serentica Renewables. All contenders have significant renewable portfolios in India and are reportedly in strong positions to acquire the assets. Statkraft’s board has approved Blackstone’s offer, and due diligence reports are expected to be delivered to all bidders this week before final bids are submitted.

The sale will be conducted in four packages, reflecting the scale and strategic value of Statkraft’s Indian operations. Blackstone's interest signals growing investor appetite for India’s renewable sector amid the country’s rapid clean energy expansion.