KKR eyes major investment in Petronas’ India renewable-energy business Gentari
What Happened
KKR is set to invest more than ₹6,000 crore in Gentari Renewable India Pte Ltd, the renewable-energy unit of Malaysia’s Petronas, according to people familiar with the matter cited by The Economic Times. The capital is intended to support expansion of Gentari’s renewable-energy and green-hydrogen projects, reduce debt and help acquire stakes it holds in some Indian renewable-energy joint ventures. The investment would not immediately give KKR an ownership stake, but it would provide an option to own a stake later.
Key Takeaways
A KKR vehicle, Sapphire US Holdco LLC, has sought Competition Commission of India approval for the investment. Gentari already owns a 1.6 GW renewable-energy portfolio acquired from Brookfield and has partnerships with ReNew for solar, wind and hybrid projects and AM Green for hydrogen and ammonia.