• | 12:32 pm

Gentari, Masdar, Sembcorp eye stake in NIIF’s Ayana: report

Stake sale likely to value clean energy firm, which is 51% owned by state-backed fund of funds NIIF, at about $1 billion

Gentari, Masdar, Sembcorp eye stake in NIIF’s Ayana: report
[Source photo: Chetan Jha/Press Insider]

Petronas-owned Gentari, Abu Dhabi’s Masdar Clean Energy, and Singapore’s Sembcorp are among the suitors for a majority stake in Ayana Renewable Power, the clean energy arm of Indian government-owned fund of funds National Investment and Infrastructure Fund (NIIF), The Economic Times reported, citing unidentified people.

NIIF has a 51% stake in Ayana, while British International Investment (erstwhile CDC Group) holds a 32% stake and Eversource Capital-backed Green Growth Equity Fund holds the rest.

The stake sale will value the company at $1 billion, and an enterprise value of up to $3 billion, the report said, citing the people, with the bids likely by mid-April.

PSP Investments and Brookfield are the other investors cited in the report.

A spokesperson for Masdar said: “As a matter of policy Masdar is unable to comment on market speculation.”

Gentari and Sembcorp did not respond to emails seeking comment.

Ayana is one of India’s leading independent renewable energy producers, with a portfolio of close to 5 gigawatts of solar, wind, and hybrid renewable power.

Ayana, which manages power projects in Andhra Pradesh, Tamil Nadu, Karnataka, Rajasthan, and Gujarat, is looking to build a 10GW portfolio by 2025.

Abu Dhabi Future Energy Company (Masdar), set up in 2006, has developed green energy projects in over 40 countries. Masdar is jointly owned by Abu Dhabi National Oil Co. (ADNOC), Mubadala Investment Co. (Mubadala), and Abu Dhabi National Energy Co. (TAQA).

The company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tons by the same year.

Masdar, whose global investment portfolio exceeds $30 billion, has a combined electricity generation capacity of over 20GW.

Malaysia’s Gentari in October last year tied up with AM Green, a venture backed by the founders of Hyderabad-based renewables firm Greenko, to produce green ammonia across India. Singapore sovereign fund GIC is among the backers of the platform that will invest in Andhra Pradesh, Tamil Nadu, Gujarat, Karnataka, and Himachal Pradesh.

Gentari aims to achieve 30-40GW of installed capacity in renewable energy, up to 1.2 million tons per annum of clean hydrogen, and over 10% share of public charging points and vehicle-as-a-service market across Asia-Pacific.

Headquartered in Singapore, Sembcorp has a balanced energy portfolio of 19.4GW, with 11.9GW of gross renewable energy capacity comprising solar, wind and energy storage globally. The company has a project portfolio spanning over 13,000 hectares across Asia. In India, Sembcorp’s gross renewables portfolio in India stands at 4.2GW.

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