Stonepeak, Waaree, JSW make binding bids for Enel

Strategic and financial investors JSW Group, Stonepeak Infrastructure Partners and Waaree Energies have submitted binding bids for Enel Group's renewable energy business in India.

- Sneha Shah & Ranjani Raghavan

The deal is likely to value the Italy-based group's portfolio of wind and solar power assets at equity of $350-400 million, said three people with knowledge of the development, who asked to remain anonymous. With the total debt, the enterprise value of the assets is likely to be more than $500-550 million, the people said.

"Binding bids have come in. The sellers will now get into exclusivity with one of the prospective buyers and proceed ahead," said the first person cited above. According to him, the deal is likely to be stitched by financial year end in March 2025.