Global investment firm KKR will invest $400 million in Serentica Renewables, a decarbonisation platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries.
Serentica has entered into three long-term PPAs and is in the process of developing ~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 (mt) of CO2 emissions.
Pratik Agarwal, Director of Serentica Renewables said, “This investment will allow us to leap ahead in our vision of decarbonising large energy-intensive industries and help in reversing climate change. 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).”
Hardik Shah, Partner at KKR said, “With Serentica, we look to support these companies in their decarbonisation objectives. We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decarbonisation platform that can contribute meaningfully to the energy transition requirements that lie ahead of us.”