Business · Companies · 2 hrs ago
KKR plans to invest over ₹6,000 crore in Petronas’ Indian renewables unit
KKR plans to invest more than ₹6,000 crore in Gentari Renewable India, the Indian renewables unit of Malaysia’s Petronas.
The proposed funding is intended to support expansion and reduce the unit’s debt.
Gentari is developing renewable energy and green hydrogen projects in India, including through partnerships with ReNew and AM Green.
The investment will not directly give KKR a stake in Gentari, though it could give KKR the option to own one later.
Some funding may go toward acquiring Gentari’s stakes in renewable energy joint ventures in India.
KKR’s investment vehicle has sought approval from India’s competition regulator, the Competition Commission of India.
The filing is a step toward the investment, but no approval decision is stated.
KKR is set to invest more than ₹6,000 crore in Petronas’ Indian renewable energy unit, Gentari Renewable India.
The funding is intended to support expansion of renewable energy and green hydrogen projects and reduce debt.
The investment will not directly give KKR a holding in Gentari, but it could give KKR the option to take a stake later.
Some of the funding is also expected to be used to acquire Gentari’s stakes in renewable energy joint ventures in India.
KKR vehicle Sapphire US Holdco LLC has sought approval for the investment from the Competition Commission of India.
- Who
- KKR plans to invest in Gentari Renewable India, Petronas’ Indian renewable energy unit.
- What
- An investment of more than ₹6,000 crore. It will not directly give KKR a holding in the unit.
- When
- Not stated.
- Where
- India; Gentari Renewable India is based in Singapore.
- Why
- To fund expansion of renewable energy and green hydrogen projects, lower debt and acquire stakes in renewable energy joint ventures.
This story does not have two clearly opposing sides.
Gentari purchased a 1.6 gigawatt renewable energy project portfolio from Brookfield.
ET reported that Gentari was seeking a financial partner for its renewable energy business.
- Planned investment
- More than ₹6,000 crore
- Investor vehicle
- Sapphire US Holdco LLC
- Approval sought from
- Competition Commission of India
- Brookfield portfolio acquired by Gentari
- 1.6 gigawatts
- Gentari joint venture
- ReNew for solar, wind and hybrid power infrastructure
What people are saying
The plan is to grow with the funding from KKR by building on the existing portfolio of projects.