Gentari is among the top competitors for Brookfield’s renewable energy portfolio
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Gentari, the renewable energy division of Malaysian state-owned oil and gas company Petronas, is reportedly the frontrunner in acquiring a part of Brookfield Asset Management’s renewable energy portfolio for India.
According to a report by The Economic Times (ET), the Petronas-owned company is in exclusive agreement with the asset management firm to further discussions after the completion of due diligence on the assets.
Indian government-owned Oil and Natural Gas Corp (ONGC) has completed its due diligence and is among other contenders for acquiring the portfolio.
Among the competitors is the Indian government-owned Oil and Natural Gas Corp (ONGC). The state entity has completed its due diligence and intends to acquire the portfolio.
Also read: Brookfield plans to invest $500 million in India-based Leap Green Energy
The frontrunners are interested in acquiring Brookfield’s 2-gigawatt renewable energy portfolio in India. The portfolio is estimated to cost the contenders between $800 million and $1 billion.
The portfolio includes projects with 500 megawatts capacity in Rajasthan, 50 MW in Gujarat, 300 MW spread across south India, and 80 MW in Madhya Pradesh. All of these projects are on the table for the deal.
Across India, Brookfield has over 20 GW of wind and solar assets under development or operation.
Apart from Gentari and ONGC, Sekura Energy, Sembcorp, and Masdar Energy of the UAE are other contenders for the portfolio. All of these organisations have extended preliminary proposals but have withdrawn from the competition.
Brookfield was among the first investors to endow funds in India’s infrastructure and has spent $25 billion since 2014. The asset management company’s investments include Jio Towers, the acquisition of ATC India, and the acquisition of East-West Pipeline.
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