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Brookfield Plans INR 3,000 Crore Exit from 550 MW Bikaner Solar Asset

Brookfield Asset Management is preparing to divest its 550 MW solar power project in Bikaner, Rajasthan, with the transaction expected to be valued at around Rs3,000 crore in enterprise value. The proposed sale is part of the firm’s broader strategy to rebalance its renewable energy portfolio in India.

The asset sale process is being managed by Jefferies, and has already attracted preliminary bids from a mix of international investors and domestic power producers. Enterprise value, which includes debt and cash components, is being used as the benchmark for the deal size.

The project’s first phase, with a capacity of 268 MW, became operational in 2024 and primarily supplies power to commercial and industrial (C&I) consumers. Backed by the International Finance Corporation, the facility counts Hindustan Unilever among its key clients, which has tied up 45 MW of solar power from the project. Additionally, Brookfield Properties’ campuses in Gurugram and Noida also source clean energy from this installation.

In 2023, PTC India entered into a long-term agreement with Brookfield to procure 100 MW of solar power, further strengthening the project’s commercial base. The IFC also committed $105 million in 2024 through non-convertible debentures to support the project’s financing structure.

The divestment aligns with Brookfield’s ongoing portfolio restructuring efforts in India. Previously, the firm sold 1.6 GW of renewable energy assets to Gentari Renewables India. It has also made significant investments in the sector, including acquiring a majority stake in CleanMax Enviro and backing green hydrogen initiatives through the Avaada Group.

With over $4 billion invested in India’s energy sector and a renewable portfolio of around 45 GW (operational and pipeline), Brookfield remains a major player in the market. Its total assets under management in India are estimated at approximately $32 billion across infrastructure, energy, real estate, and private equity.

The deal also reflects rising investor interest in the C&I renewable energy segment, which continues to witness strong growth driven by corporate sustainability goals, favorable tariffs, and increasing demand for clean power.