KKR to Invest US$400 Million in Indian Decarbonization Platform

Global investment firm KKR, and Serentica Renewables, a decarbonization platform, announced the signing of definitive agreements under which KKR will invest US$400 million in the company.

Serentica Renewables seeks to enable the energy transition for energy-intensive, hard-to-abate industrial sectors by providing complex clean energy solutions

Newly formed Serentica Renewables seeks to enable the transition for energy-intensive, hard-to-abate industrial sectors by providing complex clean energy solutions to help industrial clients decarbonize.

This includes providing renewable energy solutions through long-term Power Purchase Agreements (PPAs) and working closely with customers to design their paths to net-zero electricity.

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

Serentica’s medium term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions.

Serentica’s launch builds on the favorable macroeconomic tailwinds behind India’s power and renewables sectors, as well as the government’s strong commitment to advancing India’s energy transition.

“Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India,” said Hardik Shah, Partner at KKR. “Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonization objectives.”

The transaction is among the largest industrial decarbonization investments in India to date.

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