Serentica Renewables has announced the signing of definitive agreements under which leading global investment firm KKR will invest an additional $250 million in the company.
This latest investment builds on the $400 million investment from KKR in November 2022. With this, the company is gearing up to install 4,000 MW of renewable energy capacity that will aid clean energy delivery to large-scale industrial customers, a release by Serentica said.
New PDA
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 decarbonizing a large portion of the electricity consumption of large-scale industrial customers, the release said.
Serentica’s vision is to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tonnes of CO2 emissions.
Also read: Serentica Renewables Appoints Akshay Hiranandani As CEO
Reversing climate change
Commenting on the transaction, Pratik Agarwal, Director, of Serentica Renewables, said, “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 decarbonization of the power-guzzling commercial and industrial segment. Our unwavering commitment to reversing climate change through the delivery of clean energy has been further reinforced by this investment, giving us greater confidence in our capabilities to achieve this vision.”
Enabling India’s energy transition
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.”
The featured photograph (source: www.serenticaglobal.com) is for representation only.
