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KKR to invest $400 million in decarbonization platform Serentica Renewable


KKR, a leading global investment firm, and Serentica Renewables , a decarbonization platform that seeks to enable the energy transition by providing clean energy solutions on Tuesday announced the signing of definitive agreements between the companies under which KKR will invest $400 million in the Serentica Reneweables.

“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.

Serentica looks to deliver 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 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions.

Established in 2022, Serentica Renewables is 100 per cent held by Twinstar Overseas Ltd which also owns controlling stakes in Sterlite Power Transmission & Sterlite Technologies. The company is focused on industrial decarbonization, by making renewables the primary source of energy for the commercial & industrial segment which consumes more than 50% of the electricity generated in India.

“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. Standard Chartered Bank acted as the sole financial advisor to Serentica for this transaction. 

KKR said that it made its investment from its Asia Pacific Infrastructure strategy. The transaction in Serentica marks KKR’s latest investment in India and the renewables sector. Since 2011, KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021. 

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