Brookfield Sells 1.6 GW Renewables Portfolio in India to Gentari

New York-based global alternative asset manager Brookfield Asset Management announced the sale of its 1.6 GW portfolio of solar and wind assets in India to Gentari Renewables India in two phases.

The first phase, comprising the sale of 1 GW of operating assets, is already complete. It is Brookfield’s first full-cycle portfolio monetization for its renewable power and transition business in India.

The announcement followed the Competition Commission of India’s approval for Gentari Renewables’ to acquire Brookfield’s stake in 21 Special Purpose Vehicles (SPV) of renewable power generation projects and holding companies of SPVs.

The proposed transaction involved Gentari Renewables acquiring the complete ownership interest held by the Brookfield Group in the target SPVs comprising the assets of TerraForm, Axis, Electryone, NTPC, and the NHPC.

Brookfield has approximately 46 GW of installed capacity and roughly 200 GW capacity in its development pipeline. The company has assets in North and South America, Europe, and Asia Pacific. These assets include hydroelectric, wind, utility-scale solar, and storage projects.

The company’s renewable power and transition portfolio in India includes about 40 GW of wind and solar assets in operation, construction, and/or development.

Nawal Saini, Managing Director, Head of Renewable Power and Transition, South Asia and the Middle East, Brookfield, said, the transaction with Gentari will reinforce investor confidence and unlock new opportunities for further capital allocation in the country.

Last November, Gentari Renewables India Utilities 2 was among the winners of SJVN’s auction to set up 1,200 MW of wind-solar hybrid power projects. The company quoted ₹3.19 (~$0.0379)/kWh to win a capacity of 400 MW.

In June 2024, the International Finance Corporation said it would partially finance a 550 MW solar power project developed by Brookfield Asset Management in Bikaner, Rajasthan, with a $105 million investment. Brookfield said it would provide commercial and industrial consumers with solar power at competitive tariffs through long-term power purchase agreements.

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