New Delhi, Aug. 24 -- Renewable energy company Azure PowerGlobal Ltd has put on hold its search for a joint venture partner for its 950 megawatt solar power portfolio in Rajasthan, said two people aware of the development.

Non-binding offers had been submitted for up to a 50% stake in Azure Power's projects at Bhadla in a proposed deal having an enterprise value of about Rs.4,100 crore and an equity value of about Rs.1,000 crore, according to these people, who declined to be identified.

"The transaction has been put on hold," one of them said. Mint couldn't ascertain the names of the companies that submitted the non-binding offers.

The transaction, codenamed 'Project Agile' and run by investment bank Ambit, involved a 300 MW operationa...