Petronas might sell minority stake in renewable energy unit Gentari: Reports
According to people with knowledge of the situation, Bloomberg reported on Tuesday that Petroliam Nasional Bhd (Petronas), the state-owned oil and gas giant of Malaysia, is thinking of selling a minority stake in its renewable energy company Gentari Sdn Bhd in order to help grow the company.
According to the report, the state-owned energy company is collaborating with an adviser and has attracted interest from peers in the industry and infrastructure funds.
The individuals stated that the stake might be worth between $300 million and $500 million, but they clarified that these are only preliminary considerations and that the extent of the sale and Gentari’s valuation are still being discussed, according to the report.
According to the people, Petronas might also choose not to sell. The report claims that Petronas did not reply to requests for comment.
According to a previous statement, Petronas founded Gentari in 2022 with the goal of providing “a suite of renewable energy, hydrogen, and green mobility solutions.”
By 2030, the unit hopes to have between 30 and 40 gigawatts (GW) of renewable energy capacity, develop hydrogen projects, and encourage the use of electric vehicles. 2.4 GW of Gentari’s 3.6 GW cumulative capacity was installed by the end of the first half of 2024.
According to information from its website, the company claimed that its solutions, which are based on three main pillars—Renewable Energy, Hydrogen, and Green Mobility—extend throughout the whole electron value chain and represent a comprehensive approach to energy transformation.
