KKR to invest additional USD 250 mn in Serentica Renewables
Renewable energy solutions provider Serentica Renewables on Monday said it has secured an additional investment of USD 250 million from global investment firm KKR.
Serentica Renewables has signed definitive agreements under which leading global investment firm KKR will invest an additional USD 250 million in the company, a statement said. This latest funding builds on the USD 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.
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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. Pratik Agarwal, Director, Serentica Renewables, said in the statement, “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.”
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. Hardik Shah, Partner at KKR, said in the statement, “We are pleased to extend our relationship with Serentica to support their growth and propel their mission to enable India’s energy transition.”