KKR to invest $400 Mn in decarbonization platform Serentica Renewables

Renewables

Global investment firm KKR announced that it will invest $400 million in Serentica Renewables, a decarbonization platform that seeks to enable energy transformation by providing end-to-end clean energy solutions for energy-intensive and hard-to-reduce industries.

Serentica has currently entered into three long-term sales agreements and is in the process of developing ~1,500 MW of solar and wind projects in various states, including Karnataka, Rajasthan and Maharashtra.

This investment will be used to advance our vision, decarbonizing large energy-intensive industries and helping to reverse climate change. This transaction is among the largest industrial decarbonisation investments in India to date and continues the global decarbonisation agenda which is central to COP27 (2022 United Nations Climate Change Conference).

Pratik Agarwal, Director of Serentica Renewables, said, “Serentica’s mid-term goal is to install 5,000 MW of carbon-free generation capacity coupled with various storage technologies, delivering more than 16 billion units of clean energy per year and displacing 20 million tons of CO2 emissions.”

He added, “The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450 GW by 2030.”

Hardik Shah, Partner at KKR, said, “Our investment in Serentico reflects KKR’s confidence in India’s renewables sector and our commitment to advancing India’s energy transition. Energy-intensive heavy industry companies play an important role in society, but have traditionally faced greater challenges in sustainably meeting energy needs.”

He added, “With Serentica, we aim to support these companies in their decarbonisation goals. We are delighted to support Serentica through this latest strategic partnership and are excited to build it into a leading decarbonisation platform that can significantly contribute to the energy transition requirements ahead.”

The Serentica transaction represents KKR’s latest investment in India and the renewables sector. Since 2011, KKR has deployed more than $15 billion of equity capital globally to invest in renewables such as solar and wind, with 23 GW of operational power generation capacity as of December 31, 2021.

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