From pv magazine India
Serentica Renewables has secured a $400 million investment from US-based KKR.
The Indian developer provides renewable energy solutions through long-term power purchase agreements. It now has three long-term PPAs and is in the process of developing 1.5 GW of solar and wind across various Indian states, including Karnataka, Rajasthan, and Maharashtra. Over the medium term, it plans to install 5 GW of carbon-free energy generation capacity coupled with different storage technologies.
“This investment will allow us to leap ahead in our vision of decarbonizing large energy-intensive industries and help in reversing climate change,” said Pratik Agarwal, director of Serentica Renewables. “This transaction is amongst the largest industrial decarbonization investments in India to date.”
Standard Chartered Bank acted as the sole financial advisor to Serentica Renewables on the KKR investment.
“Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably,” said Hardik Shah, partner at KKR. “With Serentica, we look to support these companies in their decarbonization objectives.”
Serentica Renewables is 100% owned by Twinstar Overseas, a unit of Volcan Investments. Twinstar Overseas also holds controlling stakes in Sterlite Power Transmission and Sterlite Technologies.
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