The Competition Commission of India (CCI) has approved Sapphire US HoldCo’s proposed subscription to certain securities of Gentari Renewables India. Sapphire US HoldCo is an investment vehicle indirectly owned by funds and accounts advised and managed by subsidiaries of global investment firm KKR.

Gentari Renewables India is an indirect wholly owned subsidiary of Malaysian energy company Petronas and belongs to the Petronas group. The company generates power from renewable energy sources and provides battery energy storage solutions in India.

The proposed investment comes as India’s clean energy sector seeks substantial capital for expansion. The country requires $220 bn by 2030 for renewable energy deployment, manufacturing, transmission, energy storage and green hydrogen, according to the secretary of the Ministry of New and Renewable Energy. The government is preparing a roadmap to mobilise the funds over the next four to four-and-a-half years.

About $64 bn flowed into India’s renewable energy sector between July 2024 and June 2026, including $6.2 bn through foreign direct investment. Sapphire US HoldCo is a special purpose vehicle incorporated solely for the proposed transaction, according to the CCI’s release.

Gentari has expanded its renewable energy portfolio in India through acquisitions and partnerships. In March 2025, it acquired a 1.6 GW portfolio of solar and wind assets from Brookfield Asset Management, while in 2023 it was targeting nearly 30 GW of renewable energy capacity by 2030.

The CCI approval clears the proposed securities subscription under India’s competition law framework. However, the regulator has not disclosed the investment amount, the type of securities involved or the stake Sapphire US HoldCo would hold in Gentari Renewables India. The CCI reviews mergers and acquisitions that meet thresholds under the Competition Act, 2002, to determine whether they could adversely affect competition in relevant markets. A detailed order is awaited.