Malaysia’s state-owned oil and gas giant Petroliam Nasional Bhd (Petronas) is said to be considering selling a minority stake in its renewable energy firm Gentari Sdn Bhd to help expand the business, Bloomberg reported on Tuesday, quoting people with knowledge of the matter.

The state-owned energy firm is working with an adviser, and has drawn interest from infrastructure funds and industry peers, the people said, according to the report.

The stake could be worth $300 million to $500 million, the people said, though they added that considerations are preliminary, and the size of the sale and Gentari’s valuation are still under discussion, the report added.

Petronas may also decide not to sell, the people said. Petronas didn’t respond to requests for comment, according to the report.

Petronas established Gentari in 2022, with the aim of delivering “a suite of renewable energy, hydrogen and green mobility solutions”, it said in an earlier statement.

The unit has goals for the year 2030, including having 30 to 40 gigawatts (GW) of renewable energy capacity, developing hydrogen projects, and supporting electric-vehicle adoption. At the end of the first half of 2024, Gentari had 3.6 GW cumulative capacity, of which 2.4 GW was installed.

The company said its solutions are grounded in three core pillars – Renewable Energy, Hydrogen and Green Mobility – extend through the entire electron value chain, capturing a holistic approach to energy transformation, information from its website showed.

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