India’s Serentica Renewables Secures Additional US$250 Million Investment from KKR
Serentica Renewables (Serentica), a decarbonisation platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries, said global investment firm KKR will invest an additional US$250 million in the company.
This latest investment builds on the US$400 million investment from KKR in November 2022. With this, the company is gearing up to install 4000MW of renewable energy capacity to deliver clean energy to large-scale industrial customers.
Serentica 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 large-scale industrial customers.
Serentica said its vision is to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tonnes of CO2 emissions.
Commenting on the investment, Hardik Shah, Partner at KKR, 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. 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 focused on industrial decarbonisation, by making renewables the primary energy source for the commercial and industrial segment which consumes more than 50% of the electricity generated in India.
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