Gentari to extend green footprint in India with $900 mn Brookfield Asset deal
Gentari Sdn Bhd, the clean energy arm of Malaysia's state-run Petronas Group, has agreed to acquire a part of the renewables portfolio of Brookfield Asset Management for $900 million, inclusive of debt, following months of talks, said people with knowledge of the matter.
Last week, both parties signed a firm agreement that will see Gentari take control of a 2.2 GW portfolio of assets. This is the first time Brookfield will be monetising part of its green energy portfolio after building, acquiring and operating the assets for over five years.
Gentari is expected to seek regulatory approvals in the next few days before any formal announcement. Its portfolio in India will double from the current 2 GW capacity. This will be its second acquisition in India this year. Gentari had bought the 185 MW solar power portfolio of Finnish firm Fortum Oyj in May.
The assets that Brookfield is selling are almost equally split between operational and under-construction projects. While 1 GW is operational, another 1.2 GW is in the pipeline, expected to be completed within the next 18 months.
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