The Competition Commission of India (CCI) has approved  the proposed subscription of securities of Gentari Renewables India by Sapphire US, an entity indirectly owned by investment vehicles and accounts advised and managed by KKR subsidiaries.

Sapphire US is a special purpose vehicle incorporated solely for the proposed transaction.

An indirect wholly owned subsidiary of Petroliam Nasional Berhad (PETRONAS), Gentari Renewables provides power generation through renewable energy sources and battery energy storage solutions.

Gentari has 7.5 GW of renewable energy and storage capacity in various stages of installation and under construction

The CCI said a detailed order regarding its approval of the proposed combination will follow.

In August 2026, Lloyds Metals announced an investment of up to ₹480.2 million (~$4.80 million) in three Gentari India special purpose vehicles to source 48 MW of wind and 17.59 MW of solar power for captive consumption.

Last year, Gentari acquired a 1.6 GW portfolio of solar and wind assets in India from New York-based global alternative asset manager Brookfield Asset Management.

In August 2025, Amazon Web Services said it will procure power from Gentari’s 80 MW wind power project in Tamil Nadu. The project is expected to begin operations in mid-2027 and is projected to generate roughly 300,000 MWh of energy annually.

In 2024, Gentari also executed  a power purchase agreement with AM Green Ammonia India (AMG Ammonia) to supply 650 MW of round-the-clock renewable energy to power AMG Ammonia’s upcoming green ammonia facilities.

According to Mercom Capital Group’s 9M and Q3 2026 Solar Funding and M&A Report, solar corporate mergers and acquisitions (M&A) increased 16% to 88 transactions in 9M 2026 from 76 in 9M 2025. Downstream businesses accounted for approximately 66% of corporate M&A, led by acquisitions of project developers and installers.
Solar downstream companies also accounted for the largest share of VC funding, raising $1.3 billion across 39 deals.