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Serentica Renewables has acquired Statkraft's Indian solar business, including a 445 MWp operational plant and 1 GWp of development assets in Rajasthan. The assets will serve commercial and industrial clients continuously, cutting an estimated 0.6 million tonnes of CO2 annually. With this acquisition, Serentica's portfolio grows to 1.5 GW, maintaining its 17 GW target by 2030. Backed by KKR's USD 650 million investment, Serentica aims to supply 50 billion units of clean energy yearly, advancing India's energy transition.
Serentica Renewables, backed by KKR, has finalized agreements to acquire Norway-based Statkraft's solar power generation business in India. Statkraft's portfolio in the country includes a 445 MWp operational solar plant in Bikaner and 1 GWp of development assets spread across Rajasthan. These facilities, currently supplying power on a merchant basis, are strategically located in resource-rich regions. Advertisement
The acquired assets will be transitioned to serve Serentica's commercial and industrial clients with round-the-clock energy, expected to offset around 0.6 million tonnes of CO2 annually. Pratik Agarwal, Chairman of Serentica Renewables, highlighted that the acquisition aligns with India's energy transition goals and noted that integrating these assets with wind and storage systems will help provide faster, continuous power solutions to major clients.
With this move, Serentica's operating portfolio will expand to 1.5 GW, keeping the company on track to achieve its 17 GW target by 2030. Fernando de Lapuerta, Executive Vice President International at Statkraft, expressed confidence in Serentica's capability to operate and further develop these assets, contributing to India's green energy transition.
Currently, Serentica has achieved 1,000 MW of renewable energy capacity across multiple states, utilizing a mix of solar, wind, energy storage, and advanced balancing solutions. Supported by a USD 650 million investment from KKR, the company aims to supply over 50 billion units of clean energy annually, potentially displacing 47 million tonnes of CO2 emissions.
Statkraft, Europe's largest renewable energy generator, produces hydropower, wind, solar, and gas-fired power, along with district heating, employing around 7,000 people in more than 20 countries. Standard Chartered Bank served as the buy-side transaction advisor, supported by Khaitan & Co as legal counsel. Ernst & Young LLP acted as the exclusive sell-side M&A banker for Statkraft, with Cyril Amarchand Mangaldas providing legal advice.
Source PTI
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