Written by: Karim Hammam
KKR intends to invest more than 6,000 crore rupees in Gentari Renewables India Ltd, the Indian renewable energy unit of Malaysia's Petronas.
Funding and Expansion Goals
Through this funding, Gentari Renewables India seeks to provide growth capital aimed at supporting the expansion of renewable energy and green hydrogen projects, in addition to working on debt reduction. This investment will not directly lead to the acquisition of a stake in the unit, but it will give KKR the option to own a stake in the future.
Regulatory Actions and Existing Projects
Sapphire US Holdco LLC, a subsidiary of KKR, has sought approval from the Competition Commission of India to invest in the Singapore-headquartered Gentari Renewables India. This move comes as part of strengthening the company's portfolio, which last year included the acquisition of a 1.6 GW renewable energy project portfolio from Brookfield.
Partnerships and Joint Ventures
The funding will also be used to acquire the stakes held by Gentari in some renewable energy joint ventures in India. Gentari has a joint venture with ReNew to develop infrastructure for solar, wind, and hybrid power generation, and is also partnered with AM Green for the production of hydrogen and ammonia.
