Global investment firm KKR and Serentica Renewables, a provider of clean energy solutions for energy-intensive industries, today announced the signing of definitive agreements under which KKR will invest $400 million in the company.
Serentica is looking to provide renewable energy solutions through long-term Power Purchase Agreements. It has entered into three such pacts and is in the process of developing 1,500 MW of solar and wind power projects in Karnataka,
Rajasthan, and Maharashtra.energy annually. The company is working on a target to install 5,000 MW of carbon-free generation capacity with storage technologies and supply 16 billion units of clean
"This transaction is amongst the largest industrial decarbonization investments in India to date and carries forward the global decarbonization agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference),” said Pratik Agarwal, Director of Serentica Renewables. Standard Chartered Bank acted as the sole financial advisor to Serentica for this transaction.
“Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably," said Hardik Shah, Partner at KKR.
The transaction in Serentica marks KKR’s latest investment in India and the renewables sector. Since 2011, it has deployed $15 billion in equity globally to invest in renewable assets, such as solar and wind, with an operational power generation capacity of 23 GW.