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Sembcorp and Hexa Compete to Acquire Enel’s India Renewable Energy Business
Mar 09, 2026
Sembcorp Industries and Hexa Climate Solutions are reportedly in discussions to acquire the entire India renewable energy portfolio of Italy’s Enel Group. According to sources familiar with the matter, the deal could involve an enterprise value of around $300 million, with the equity value estimated at about $100 million.
Sembcorp operates in India through subsidiaries including Sembcorp Green Infra and Sembcorp India Pvt. Ltd. Meanwhile, Hexa Climate Solutions is backed by global infrastructure investor I Squared Capital. The ongoing sale process is being managed by HSBC.
The renewed sale discussions follow the collapse of a previously announced deal in which Waaree Energies had agreed to acquire 100% of Enel Green Power India from Enel Green Power Development for about Rs 1,792 crore. That transaction, signed last year, ultimately did not proceed.
Enel Green Power India currently operates a renewable energy portfolio of around 760 MW, consisting of wind and solar assets, along with a development pipeline of approximately 2.5 GW. The company has been active in India’s renewable energy market since 2015, expanding through project development and partnerships.
In 2020, Enel partnered with Norfund to jointly finance, construct, and operate renewable energy projects in India.
Beyond renewable generation, Enel Group had also previously explored opportunities in India’s power distribution sector, including participation in the proposed privatization of Puducherry’s electricity utility. The company had also submitted non-binding bids for acquiring the Delhi electricity distribution business of Reliance Infrastructure.
The potential acquisition comes as both Sembcorp and Hexa continue to expand their renewable energy footprints in India. Last year, Sembcorp strengthened its presence by acquiring 300 MW of solar projects from ReNew Energy Global, signaling growing competition among investors for renewable assets in the country.