Global investment firm Brookfield Asset Management and its affilates have sold 1.6 Giga Watt (GW) portfolio of solar and wind assets in India to Malaysian clean energy company Gentari, the New York-headquartered firm said in a statement on March 5.
The company did not specify the deal size but mentioned that the asset sale is structured in two phases. The first phase, comprising of the sale of 1 GW of operating assets is complete, adding that it marks Brookfield’s first full-cycle portfolio monetization in India for its renewable power & transition business.
Gentari, formed in 2022, has been rapidly expanding in India's clean energy sector through greenfield capacities as well as through acquisition of existing projects. It is currently operating at its full-peak capacity of 1800 MW, and has 230 MW of utility based projects.
"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," Nawal Saini, Managing Director, Head of Renewable Power & Transition, South Asia and the Middle East, Brookfield said in the statement.
India is aiming to achieve 500 GW of non-fossil fuel energy capacity by 2030 in an effort to decarbonize its energy requirement and reduce emissions.
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