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Sembcorp, Hexa in race for Enel India renewable biz for $300 mn
March 09, 2026
|Hindustan Times Noida
IPO-bound Singapore’s Sembcorp Industries Ltd's Indian renewable energy business and Hexa Climate Solutions are vying to acquire the entire India renewable business of Italy's Enel Group in a deal having an equity and enterprise value of around $100 million and $300 million, respectively, according to two people aware of the development.
Sembcorp is present in India through Sembcorp India Private Limited and Sembcorp Green Infra Ltd (SGIL) along with other subsidiaries, while Hexa is backed by I Squared Capital.
The HSBC-run sale process follows a deal signed last year—which later fell through—under which Waaree Energies Ltd had agreed to buy 100% of Enel Green Power India Pvt Ltd (EGP India) from its parent Enel Green Power Development S.RLL. for ₹792 crore. Mint first reported on 15 November 2023 that Enel Group planned to exit its India renewable business.
“Enel Group's entire India renewable business is back on offer again and Sembcorp and Hexa are in talks for it,” one of the two people cited above said, requesting anonymity.
Enel Green Power India’s portfolio comprises 760 megawatts (MW) of operational wind and solar assets, and a development pipeline of 2.5 gigawatts (GW). The company has been present in India’s renewable sector since 2015 and in 2020 it partnered with Norway’s state-owned investment fund Norfund to jointly finance, build and operate new renewable projects in the country.
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