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kkr: KKR to invest $400 million in Serentica Renewable


Global investment company KKR signed an agreement to invest $400 million in a decarbonization platform Serentica Regenerative. Both entities have entered into definitive agreements to this effect, under which KKR will invest $400 million in Serentica Renewable, a statement said Tuesday.

This transaction is among the largest industrial decarbonisation investments in India to date and implementation of the global decarbonization agenda, which is the center stage at COP27 (2022 United Nations climate change conference),” said Pratik Agarwal, Director of Serentica Renewables.

Serentica aspires to provide continuous clean energy solutions to 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 pathways to their net zero power.

Currently, the company has participated in three long-term PPAs and is in the process of developing around 1,500 MW of solar and wind power projects in various states including Karnataka, Rajasthan and Maharashtra.

Serentica’s medium-term goal is to install 5,000 MW of carbon-free power generation along with various storage technologies and provided more than 16 billion units of clean energy annually and emit 20 million tons of CO2.

Founded in 2022, Serentica Renewables is 100% owned by Twinstar Overseas Ltd, which also owns a controlling stake in Sterlite Power Transmission &

.

“Our investment in Serentica reflects KKR’s belief in India’s renewable energy sector and our commitment to accelerating the energy transition in India,” said Hardik Shah, Partner at KKR, said.

Standard Chartered Bank acting as Serentica’s sole financial advisor for this transaction.

KKR invests from the Asia Pacific Infrastructure strategy. The Serentica transaction marks KKR’s latest investment in India and the renewable energy sector.

Since 2011, KKR has deployed more than $15 billion in equity globally to invest in renewable assets, such as solar and wind, with an operating generation capacity of 23 GW , as of December 31, 2021, it said.

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