Petronas Reportedly Set To Sell Minority Stake In Gentari
Petroliam Nasional Bhd (Petronas) is reportedly considering selling a minority stake in its renewable energy business, Gentari Sdn Bhd (Gentari), in order to expedite its expansion plans, according to Bloomberg.
It was also reported that the state-owned energy company is in negotiation with infrastructure funds and industry leaders through a third party advisor. However, discussions are still in their early stages, with the size of the stake sale and Gentari's worth yet to be determined.
The same report further indicates that the investment might be worth between US$300 million (RM1.31 billion) and US$500 million (RM2.18 billion) and the possibility that Petronas will eventually decide not to proceed with the transaction still on the table. Petronas has not made any public announcement on this matter.
Gentari was founded by Petronas in June 2022 as part of its aim to diversify into renewable energy and minimise reliance on fossil fuels with long-term ambitions of achieving 30 to 40 GW of renewable energy capacity by 2030.
In the renewable energy sector, Gentari has focused on hydrogen, solar and wind projects, with a particular emphasis on markets in Southeast Asia (ASEAN), India and the Middle East with aims of capitalising on growing demand for clean hydrogen.
Meanwhile, as for green mobility, Gentari is committed to expanding electric vehicle (EV) infrastructure which includes EV charging networks and related services, to facilitate wider EV adoption, which is crucial for reducing emissions.
By mid-2024, Gentari commanded a cumulative renewable energy capacity of 3.6 GW, of which 2.4 GW was already installed. This puts the company on track to meet its 2030 targets and highlights its potential as a key player in the clean energy transition.
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