Global investment firm KKR has submitted a proposal to invest more than Rs 6,000 crore (approximately $633 million) in Gentari Renewables India, the clean energy subsidiary of Malaysian state-owned energy giant Petroliam Nasional Berhad (Petronas). The proposed transaction aims to bolster Gentari’s balance sheet, finance its expanding utility-scale project pipeline, and accelerate the development of green hydrogen assets across India.
Under the terms of the filing submitted to the Competition Commission of India, KKR’s investment vehicle, Sapphire US Holdco LLC, has formally sought regulatory approval for the transaction with Singapore-registered Gentari Renewable India Pte Ltd. Unlike a conventional primary equity injection, the proposed deal structure does not immediately grant KKR an equity holding, though it includes structured provisions that could allow the private equity firm to acquire a direct stake at a later date.
Gentari has actively sought growth capital to expand its clean energy generation footprint while refinancing existing debt obligations, with Standard Chartered Bank advising the company on its capital-raising process. The capital injection follows Gentari’s acquisition of a 1.6-gigawatt renewable power portfolio from Brookfield, which significantly expanded its operating footprint across India.
The funding will support existing joint ventures, including a solar, wind, and hybrid power development platform with ReNew, alongside clean fuel initiatives in partnership with AM Green aimed at supplying low-carbon feedstock for hard-to-abate industrial sectors. The transaction highlights sustained institutional investor interest in India’s power sector, where rapid industrialisation and corporate sustainability targets continue to drive strong demand for grid-scale renewable electricity.
