Policy
Competition Commission clears KKR entity investment in Gentari Renewables India
The Competition Commission of India has cleared an investment by a KKR-backed entity into Gentari Renewables India.
Key points
- Sapphire US, an entity linked to KKR, received approval to subscribe to securities in Gentari Renewables India.
- Gentari Renewables is an indirect wholly owned subsidiary of Malaysia's Petroliam Nasional Berhad.
- Mercom Capital Group reported that solar corporate mergers and acquisitions increased by 16% in the first nine months of 2026.
What happened
According to Mercom India, the Competition Commission of India (CCI) has granted approval for Sapphire US to subscribe to securities in Gentari Renewables India. Sapphire US functions as a special purpose vehicle established specifically for the transaction and is indirectly owned by investment vehicles and accounts managed by subsidiaries of KKR.
Gentari Renewables operates as an indirect wholly owned subsidiary of Petroliam Nasional Berhad, known as PETRONAS. The clean energy firm manages a portfolio of 7.5 GW of renewable energy and battery storage capacity across various stages of installation and construction. The CCI stated that a comprehensive order detailing the clearance will be released subsequently.
Market activity
Mercom India reported several recent commercial developments involving Gentari India. Lloyd Metals announced an investment of up to ₹480.2 million in August 2026 to acquire captive wind and solar power. In the previous year, Gentari absorbed a 1.6 GW portfolio of wind and solar assets from Brookfield Asset Management.
Additional commercial agreements include Amazon Web Services contracting power from an 80 MW wind project in Tamil Nadu, scheduled to commence operations in mid-2027. Furthermore, Gentari established a power purchase agreement in 2024 to supply round-the-clock renewable electricity to AM Green Ammonia India.
Data from Mercom Capital Group's Solar Funding and M&A Report for the first nine months and third quarter of 2026 indicated that global solar corporate mergers and acquisitions grew by 16% to 88 transactions, compared to 76 deals during the same period in 2025.
Why it matters
Cross-border private equity investments into clean energy platforms illustrate the ongoing institutional capital flows directed towards emerging renewable markets. For energy investors and policy makers across Africa and Nigeria, observing how large alternative asset managers structure investments in developing renewable sectors offers a structural reference point for scaling domestic green infrastructure. Markets seeking to expand generation capacity often look to attract international capital vehicles capable of funding extensive portfolios spanning solar, wind, and storage technologies.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Policy sets the direction for energy investment: national transition plans, market reforms such as Nigeria’s Electricity Act 2023, and global commitments under the Paris Agreement.
99.9% of people in India had electricity in 2024Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
