Global investment firm KKR signed agreements with India-based renewable energy company Serentica Renewables to invest an additional $250m in the latter.
Founded in 2022, Serentica Renewables is a decarbonisation platform that aims to facilitate the energy transition by offering clean energy solutions for energy-intensive industries.
KKR had previously invested $400m in the firm in November 2022. At that time, Serentica Renewables signed three long-term power purchase agreements (PPAs).
With the investments from KKR, Serentica Renewables intends to install 4GW of clean energy capacity that will facilitate the delivery of renewable energy to large-scale industrial customers.
Serentica Renewables director Pratik Agarwal said: “This investment will enable us to further accelerate large-scale decarbonization of the power-guzzling commercial and industrial segment.
“Our unwavering commitment to reversing climate change through the delivery of clean energy has been further reinforced by this investment, giving us greater confidence in our capabilities to achieve this vision.”
Recently, the renewable energy company has signed a new set of power delivery agreements (PDAs) to supply 24/7 clean energy to some of India’s major industrial customers.
Presently, Serentica Renewables is developing solar and wind power projects across Karnataka, Maharashtra, and Rajasthan. Once operational, these projects are expected to deliver nine billion units of clean energy every year by leveraging the inter-state transmission network.
The projects are anticipated to decarbonise a significant portion of the electricity consumption of the company’s large-scale industrial customers.
Serentica Renewables aims to deliver more than 40 billion units of green energy per year in the medium term and eliminate 50 million tonnes of carbon dioxide emissions.
KKR partner Hardik Shah said: “As India continues to develop at pace, clean energy solutions will play a growing and important role in meeting the country’s energy demands, especially in the industrial and hard-to-abate industries that Serentica looks to support.”
