KKR has agreed to invest US$400m (€400m) in India’s Serentica Renewables, a decarbonisation platform that provides complex clean energy solutions for energy-intensive, hard-to-abate industries.
Currently, Serentica has entered into three power purchase agreements and is in the process of developing around 1.5GW of solar and wind power projects across various states.
The Indian company’s medium-term goal is to install 5GW of carbon-free generation capacity coupled with different storage technologies.
Hardik Shah, a 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 decarbonisation objectives,” said Shah, adding that KKR was “delighted” to back Serentica through this latest strategic partnership and to develop Serentica into a leading decarbonisation platform.
Pratik Agarwal, director of Serentica Renewables, said: “This investment will allow us to leap ahead in our vision of decarbonising large energy-intensive industries and help in reversing climate change.”
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