Representative Image

Leading investment company, KKR, and Serentica Renewables, a decarbonization platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries, announced the signing of definitive agreements under which KKR will invest $400 million in the company.

The Assam Kaziranga University admissions

Serentica looks to deliver round-the-clock clean energy solutions for large-scale, energy-intensive industrial customers. This includes providing renewable energy solutions through long-term power purchase agreements and working closely with customers to design their paths to net-zero electricity, said a statement on November 8.

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, the statement added.

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. In addition, Serentica looks to provide clean energy alternatives to the critical but hard-to-abate industrial sectors that continue to drive India’s development and economic growth.

ALSO READ:  Will the new 28% Indian tax affect the best online casinos?

As energy demands continue to rise alongside India’s developmental needs and prosperity, there is significant potential for renewable energy to play an important role in meeting the energy needs of the industrial sector in a sustainable manner.

Pratik Agarwal, director of Serentica Renewables, said: “We are happy to have a like-minded strategic partner in KKR who believes in our model of sustainable development. The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450GW by the year 2030. This investment will allow us to leap ahead in our vision of decarbonizing large energy intensive industries and help in reversing climate change. This transaction is amongst the largest industrial decarbonization investments in India to date and carries forward the global decarbonization agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference).”

Hardik Shah, partner at KKR, said: “Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. 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. We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decabonization platform that can contribute meaningfully to the energy transition requirements that lie ahead of us.”

ALSO READ:  Jio Platforms partners with Meta to offer JioMart on WhatsApp

Standard Chartered Bank acted as the sole financial advisor to Serentica for this transaction.

Established in 2022, Serentica Renewables is 100% held by Twinstar Overseas Limited which also owns controlling stakes in Sterlite Power Transmission Limited & Sterlite Technologies Ltd.

Subscribe to our Newsletter


Avatar photo
About TNM QuickNews

-

Quick News Desk at The News Mill

Previous

Justice DY Chandrachud to take oath as 50th Chief Justice of India today

He rises to the occasion, is a big match player: Jonathan Agnew on Virat Kohli

Next