Serentica Renewables (Serentica), the renewable energy solutions provider, on Monday said it has secured an additional investment of $250 million from global investment firm KKR.
In November last year, the decarbonisation platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries, had announced the signing of definitive agreements under which KKR will invest $400 million in the company.
This latest funding builds on the $400 million investment from KKR.
With this, the company is gearing up to install 4000MW of renewable energy capacity that will aid clean energy delivery to large-scale industrial customers.
Serentica has recently signed a new set of Power Delivery Agreements (PDAs) to deliver round-the-clock green energy to some of the leading industrial customers in India. Currently, it is in the process of developing solar and wind power projects across Karnataka, Rajasthan, and Maharashtra.
Once commissioned, these projects will supply 9 billion units of green energy every year, using the inter-state transmission network, thereby decarbonising a large portion of the electricity consumption of the large-scale industrial customers.
“We are excited to deepen our collaboration with a like-minded strategic partner like KKR. This investment will enable us to further accelerate large-scale decarbonisation of the power-guzzling commercial and industrial segment,’’ Pratik Agarwal, director, Serentica Renewables, said while commenting on the fresh investment.
Serentica plans to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tonnes of CO2 emissions.
Hardik Shah, partner at KKR, said: “We are pleased to extend our relationship with Serentica to support their growth and propel their mission to enable India’s energy transition.”
Established in 2022, Serentica Renewables is 100 per cent held by Twinstar Overseas Limited which also owns controlling stakes in Sterlite Power Transmission Limited & Sterlite Technologies. The company aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions.
