The Competition Commission of India has approved Gurugram-based clean energy solutions provider Gentari Renewables India’s proposal to acquire 21 Special Purpose Vehicles (SPV) of renewable power generation projects and holding companies of SPVs.

The proposed transaction involves the acquisition of the entire ownership interest held by the Brookfield Group in the target SPVs comprising the assets of TerraForm, Axis, Electryone, NTPC, and NHPC.

The target entities are part of the Brookfield Group and are engaged in generating and selling wind and solar power.

The target SPVs do not have business operations outside India. The acquisition will enable Brookfield to sell and monetize a part of its renewable energy portfolio in India that is housed under certain limited life funds.

The acquisition involves acquiring SPVs in three buckets—TerraForm (15 SPVs), NTPC and NHPC (3 SPVs), and Axis and Electryone (3 SPVs).

Gentari will acquire ownership interest in SPVs held by Brookfield by procuring equity shares and compulsorily convertible debentures in two tranches. The shareholding of the target SPVs of TerraForm, Axis, Electryone, and NTPC are proposed to be acquired in tranche one, and the shareholding of the NHPC’s SPVs in tranche two.

Gentari is an indirect subsidiary of Petroliam Nasional Berhad (Petronas), a Malaysian multinational oil and gas company headquartered in Kuala Lumpur. Gentari is focused on clean energy solutions through renewable energy, hydrogen production, and green mobility.

In December 2024, the company, through its subsidiary Gentari Renewables India Castor One, executed a power purchase agreement with AM Green Ammonia India to supply 650 MW of round-the-clock renewable energy for its upcoming green ammonia facilities.

Gentari is setting up 2,400 MW of combined wind and solar energy capacity in India to fulfill the agreement, integrated with 350 MW/2,100 MWh of energy storage.

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.