NEW DELHI, Oct. 15 -- Morgan Stanley and Mitsubishi UFJ Financial Group (MUFG) have begun the sale process for Global Infrastructure Partners (GIP)-owned Vena Global Group Pte Ltd's Indian renewable energy platform, Vena Energy India, in a deal having an enterprise value of around $1 billion, according to two people familiar with the development. The deal comes amid a steady flow of global capital into India's renewable energy market. The sale marks Global Infrastructure Partners' full exit from its bet on Vena Energy. The sale process was formally launched this month. GIP itself was acquired by BlackRock Inc. in October last year. Vena Energy India operates 957 megawatts (MW) of renewable power assets, with another 59 MW under construction. GIP, along with CIC Capital Corp. (CIC Capital) and Public Sector Pension Investment Board (PSP Investments), had acquired Singapore-based renewable energy developer Equis Energy for $5 billion in October 2017. The acquisition included $1.3 billion in liabilities and Equis's Indian portfolio, which comprised green energy platforms Energon and Energon Soleq. The assets were later rebranded as Vena Energy and structured as a corporate platform in Singapore. "Vena Energy projects have a weighted average residual power purchase agreement (PPA) of 17 years, with a Rs.4.5 per kilowatt-hour (kWh) or per unit weighted average tariff," said one of the two people cited above requesting anonymity. Vena Energy has been active in India for over a decade as Equis Energy. Its portfolio includes an advanced pipeline of 1.25 gigawatts (GW) of solar and wind projects and 752 megawatt-hours (MWh) of battery energy storage systems (BESS). It also has 1.46 GW of early- to mid-stage solar and wind projects under development and 100 MWh of additional BESS capacity. Spokespersons for GIP and MUFG declined to comment. Queries emailed to representatives of Vena Global Group, Morgan Stanley, CIC Capital, and PSP Investments on Sunday night went unanswered at press time....