KKR has topped up its investment in India-based Serentica Renewables with an additional capital injection of $250m (€227m).
Last November, KKR invested $400m in Serentica to support its plan to achieve 4000MW of installed renewable energy capacity in India.
The latest investment comes on the back of Serentica securing a new set of power delivery agreements to deliver round-the-clock green energy to some of the leading industrial customers in India. Serentica is also in the process of developing solar and wind power projects across Karnataka, Rajasthan and Maharashtra.
Hardik Shah, a 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.”
Shah said KKR was extending its relationship with Serentica to support its growth and propel its mission to enable India’s energy transition.
Pratik Agarwal, director, Serentica Renewables, said: “This investment will enable us to further accelerate large-scale decarbonisation 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.”
Established in 2022, Serentica Renewables India is focussing on industrial decarbonisation by making renewables the primary source of energy for the commercial and industrial segment.
Serentica is jointly held by KKR and Twinstar Overseas, which owns controlling stakes in Sterlite Power Transmission and Sterlite Technologies, a listed Indian private-sector power transmission infrastructure developer and solution provider, which also has operations in Brazil.
To read the latest edition of the latest IPE Real Assets magazine click here.
No comments yet