Brookfield Asset Management, one of the world’s largest global asset management firms, has divested its 1.6 GW renewable energy portfolio of solar and wind assets to Gentari Renewables India Pte Limited.
Gentari Renewables India is an indirect subsidiary of Malaysian multinational player Petroliam Nasional Berhad (PETRONAS). The deal was structured in two phases, and the first phase comprising the sale of operational assets with a capacity of 1 GW has been completed. This marks Brookfields’s first full-cycle portfolio monetisation in India for its renewable power and transition business.
Key details
The deal follows regulatory clearance obtained from the Competition Commission of India for Gentari Renewables India’s acquisition of Brookfield’s stake in 21 special purpose vehicles (SPVs) that own and operate renewable power generation plants (including two under construction renewable power projects), as well as the holding companies of certain SPVs.
These SPVs are engaged in power generation and sales through wind and solar power projects. While Brookfield Asset Management did not announce the terms of the transaction, it was reported that the assets in the deal may be worth Rs 72-80 billion, and are located across Gujrat, Madhya Pradesh, Rajasthan and southern India. These assets were developed by NTPC Limited, NHPC Limited, TerraForm Power, Axis and Electryone. NTPC and NHPC’s assets comprise ABC Solar (India) Private Limited and ABC Renewable Energy Private Limited and their respective downstream SPVs, while Terraform’s assets comprised 15 SPVs.
JP Morgan served as Brookfield’s exclusive financial adviser in this transaction, while Trilegal and Cyril Amarchand Mangaldas acted as legal advisers.
Brookfield Asset Management manages over 46,000 MW of generation capacity across hydro, wind, solar and storage solutions, which amount to assets worth $126 billion under management. This includes a utility-scale solar portfolio of 12,200 MW capacity and a wind portfolio across North America, South America, Europe and Asia totalling 17,400 MW across onshore and
offshore assets.
This transaction will be the second acquisition by Gentari Renewables India in the past year. The first one is an agreement with Fortum for the divestment of the remaining 43.75 per cent stake in its Indian solar portfolio to Gentari Renewables India. Fortum, along with its partners, sold its 185 MW porfolio, which included four solar power facilities in India with assets across Rajasthan and Madhya Pradesh and a 100 MW solar farm in Karnataka. Under this agreement, UK Climate Investments Lakeside Limited, which held a 40 per cent stake, and fund managed by Evli Fund Management Limited (16 per cent) also exited their positions.
Gentari Renewables has been expanding its presence in India’s clean energy sector. In November 2024, the company won a 400 MW capacity in SJVN Limited’s auction for 1,200 MW of wind-solar hybrid projects at a tariff of Rs 3.19 per kWh.
Outlook
This sale highlights the growing momentum in India’s renewable energy sector and its ability to continue acquiring assets from global players. Brookfield’s successful exit demonstrates the growing maturity of the Indian renewable energy market, offering lucrative opportunities for investors seeking long-
term value.
Nawal Saini, Managing Director, Head of Renewable Power and Transition, South Asia and the Middle East, Brookfield, stated in an official statement, “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. With approximately 40 GW of wind and solar assets across various stages, our overall portfolio reflects our long-term commitment
in India.”
The acquisition aligns with Gentari’s broader strategy to scale its renewable energy capacity, contributing to India’s ambitious clean energy targets.
To conclude, as India advances towards its 500 GW renewable energy capacity, such transactions signal more than just investor confidence, they also reflect the maturity of India’s domestic renewable energy market. This deal highlights the role of portfolio monetisation as a strategic approach towards capital efficiency for sustainable growth. This allows companies to free up capital and optimise their capacity mixture while transferring portfolios to companies that are set for long-term expansion in the domestic market.