This possible sale is under consideration by Petronas to help Gentari further expand its business.
Those who want a finger into the renewable energy pie over here best be prepared to get their cheque books out soon, as Petronas has been rumoured to consider the sale of a minority stake in its renewable energy subsidiary, Gentari. Quoting sources familiar with the matter, Bloomberg has reported that this consideration of a sale is in order to help Gentari further expands its business.
The state-owned energy company is apparently working with an advisor for this sale, and has since drawn interest from infrastructure funds and industry peers. The stake in Gentari potentially offered by Petronas is currently estimated by sources familiar with this matter to be worth around RM1.3 billion to RM 2 billion.
Discussions regarding this sale are nevertheless still reportedly in the early stages, with the size of the stake to be offered and the valuation of Gentari yet to be finalised. It is also equally possible that Petronas may decide not to proceed with the sale, with the energy company having not officially commented on this matter thus far.
While best known to the lay-person for its public EV charging network, Gentari actually is much more than just a charge point operator (CPO). In fact, this subsidiary was actually initially established by its parent in 2022 with the aim of delivering “a suite of renewable energy, hydrogen and green mobility solutions”.
The unit has goals for the year 2030, including having 30 to 40 GW of renewable energy capacity, developing hydrogen projects, and supporting EV adoption. At the end of the first half of 2024, Gentari had 3.6 GW cumulative energy capacity, of which 2.4 GW was installed.
