Begin typing your search...

KKR to invest $400 mn in Serentica Renewable

This includes providing renewable energy solutions through long-term power purchase agreements and working closely with customers to design their paths to net-zero electricity.

KKR to invest $400 mn in Serentica Renewable
X
Representative image

NEW DELHI: Global investment firm KKR has inked a pact to invest $400 million in decarbonisation platform Serentica Renewable. Both entities have signed definitive agreements to this effect, under which KKR will invest the sum in Serentica Renewable.

“This transaction is amongst the largest industrial decarbonisation investments in India to date and carries forward the global decarbonisation agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference),” said Pratik Agarwal, director, Serentica Renewables. Serentica looks to deliver round-the-clock clean energy solutions for large-scale, energy-intensive industrial customers.

This includes providing renewable energy solutions through long-term power purchase agreements and working closely with customers to design their paths to net-zero electricity. Currently, the company has entered into three long-term PPAs and is in the process of developing around 1,500 MW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra. Serentica’s medium-term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 bn units of clean energy annually and displace 20 mn tonnes of CO2 emissions.

Established in 2022, Serentica Renewables is 100 per cent held by Twinstar Overseas which also owns controlling stakes in Sterlite Power Transmission & Sterlite Technologies. “Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India,” Hardik Shah, Partner at KKR, said.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android

DTNEXT Bureau
Next Story