Brookfield Asset Management has announced the completion of a divesture comprising 1.6GW of Indian solar and wind assets to Gentari Renewables India.
The transaction marks Brookfield’s first full-cycle portfolio monetisation in India’s renewable energy sector, as reported by the Business Standard.
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Gentari Renewables India is fully owned by Gentari International Renewables, a subsidiary of Malaysia’s Gentari, owned by Petroliam Nasional Berhad.
The sale, structured in two phases, has already seen the completion of the first phase, involving 1GW of operating assets.
The assets include 21 special purpose vehicles (SPVs) that own and operate renewable power plants, including two projects under construction, and the holding companies of some SPVs.
Brookfield managing director and head of renewable power and transition for South Asia and the Middle East, Nawal Saini, stated: “Our focus is on delivering value to our stakeholders while advancing the country’s energy transition. Monetising a part of our portfolio demonstrates our ability to create and realise value.
“This transaction with Gentari reinforces investor confidence and unlocks new opportunities for further capital allocation in the country.”
In June 2024, the International Finance Corporation (IFC) announced an investment commitment of $105m in Brookfield’s 550MW solar power project in Bikaner, Rajasthan.
The investment will be made via long-term non-convertible debentures, with funds specifically assigned to the project’s special purpose vehicles.
In September, United Arab Emirates-based clean energy company Masdar announced its intention to acquire Saeta Yield from Brookfield Renewable and its institutional partners for an enterprise value of $1.4bn.
The acquisition includes a portfolio of 745MW, primarily consisting of wind assets, with 538MW in Spain and 144MW in Portugal, and 63MW of solar photovoltaic assets in Spain in addition to a 1.6GW development pipeline.
