KKR to Invest Additional USD 250 Mn in Serentica Renewables

Serentica Renewables announced the signing of definitive agreements under which leading global investment firm KKR will invest an additional $250 million in the Company.

Serentica has recently signed a new set of Power Delivery Agreements (PDAs) to deliver round-the-clock green energy to some of the leading industrial customers in India.

Currently, it is in the process of developing solar and wind power projects across Karnataka, Rajasthan, and Maharashtra. Once commissioned, these projects will supply 9 billion units of green energy every year, using the inter-state transmission network, thereby decarbonising a large portion of the electricity consumption of the large-scale industrial customers.

Serentica’s vision is to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tonnes of CO2 emissions.

Commenting on the transaction, Pratik Agarwal, Director, Serentica Renewables, said, “We are excited to deepen our collaboration with a like-minded strategic partner like KKR. This investment will enable us to further accelerate large-scale decarbonization of the power-guzzling commercial and industrial segment. Our unwavering commitment to reversing climate change through the delivery of clean energy has been further reinforced by this investment, giving us greater confidence in our capabilities to achieve this vision.”

Hardik Shah, Partner at KKR, said, “As India continues to develop at pace, clean energy solutions will play a growing and important role in meeting the country’s energy demands, especially in the industrial and hard-to-abate industries that Serentica looks to support. We are pleased to extend our relationship with Serentica to support their growth and propel their mission to enable India’s energy transition.”