Blackstone Inc. (NYSE:BX), which has a $50 billion investment portfolio in India, has submitted a non-binding offer of $1.5 billion for Statkraft SF?s local arm (Statkraft India Private Limited) that houses a 2 gigawatt renewable energy generation portfolio, according to people aware of the matter. This is the first time Blackstone is evaluating a renewable energy acquisition in India, they said. It recently closed a global energy transition fund raising $5.6 billion.
The offer has been approved by Norway headquartered Statkraft?s global board and competes with those from KKR-backed Serentica Renewables, Sembcorp and BlackRock, according to the people cited. The others all have sizable renewable energy generation investments in the country and are said to be equally poised in the race. A law firm will provide a due diligence report to the bidders this week.
After that, they will submit final bids. Statkraft, Europe?s largest renewable power firm, announced its intention to exit the India business in October 2024.
