- Latest investment builds on the $400 million committed by KKR last year
According to the company’s website press release on May 1, 2023, Serentica Renewables (“Serentica” or the “Company”), a decarbonization platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries, announced the signing of definitive agreements under which leading global investment firm KKR will invest an additional $250 million in the Company.
This latest investment builds on the $400 million investment from KKR in November 2022. With this, the company is gearing up to install 4000MW of renewable energy capacity that will aid clean energy delivery to large-scale industrial customers.
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.”
About Serentica Renewables
Established in 2022, Serentica Renewables (India) is a decarbonization platform that looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonization, by making renewables the primary source of energy for the commercial and industrial segment which consumes more than 50% of the electricity generated in India. Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions. Serentica is jointly held by leading global investment firm KKR and Twinstar Overseas Limited (“TSOL”). TSOL owns controlling stakes in Sterlite Power Transmission Limited and Sterlite Technologies Limited.
For more details on Serentica, please visit www.serenticaglobal.com
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For Serentica Renewables:
Shreyosi Sen
+91 9811 908 403
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Published on May 22, 2023 4:21 PM (GMT+8)Last Updated on May 22, 2023 4:21 PM (GMT+8)
