KKR to infuse $400 million in decarbonization platform Serentica Renewable
- ByStartupStory | November 8, 2022
On Tuesday, KKR, a leading global investment firm, and Serentica Renewables, a decarbonization platform that strives to enable the energy transition by providing clean energy solutions, announced the signing of definitive agreements between the companies. According to the terms of these agreements, 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. “This transaction carries forward the global decarbonization agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference).
Serentica’s goal is to provide clients in energy-intensive industries with renewable energy solutions tailored to their size and needs. This involves working directly with clients to create their routes to net-zero electricity and delivering options for renewable energy via long-term power purchase agreements.
At the moment, the business has committed to three long-term PPAs and is in the process of building over 1,500 MW of solar and wind power projects throughout a number of states, such as Karnataka, Rajasthan, and Maharashtra.
The medium-term objective of Serentica is to construct 5,000 megawatts (MW) of carbon-free generating capacity paired with various storage technologies. This would allow the company to deliver over 16 billion units of clean energy yearly and supplant 20 million tonnes of CO2 emissions.
Twinstar Overseas Ltd., which also has controlling positions in Sterlite Power Transmission and Sterlite Technologies, is the only shareholder of 2022-founded Serentica Renewables and holds all of the company’s shares. The commercial and industrial sector, which accounts for more than half of India’s total power consumption, is the major target of the company’s efforts to reduce industrial carbon emissions via the promotion of alternative energy sources as the principal source of energy supply.
According to Hardik Shah, a Partner at KKR, “Our investment in Serentica shows KKR’s trust in India’s renewables industry and our commitment to pushing the energy transition in India.” “Our investment in Serentica reflects KKR’s commitment to promoting the energy transition in India.” Throughout the whole of this transaction, Serentica relied only on Standard Chartered Bank as its financial adviser.
According to KKR, the investment was undertaken as part of the company’s Asia Pacific Infrastructure strategy. KKR’s most recent investment in India and the renewables industry is represented by the deal involving Serentica. Since 2011, KKR has invested more than $15 billion in equity throughout the globe in renewable assets such as solar and wind, which have a combined operational power generating capacity of 23 gigawatts as of the 31st of December, 2021.
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