Serentica Renewable energies stated that it has signed a definitive contract for another investment of $250 million from KKR, a leading global investment firm. This new investment constructs on the $400 million invested by KKR in November 2022, bringing the total investment from KKR to $650 million.
The company plans to use the funds to install 4,000MW of renewable energy capacity that will help deliver clean energy to large-scale industrial customers. Serentica has recently signed Power Delivery
Agreements (PDAs) to provide round-the-clock green energy to several leading industrial customers in India.Currently, the company is developing solar and wind power projects in Karnataka, Rajasthan, and Maharashtra. These projects, once commissioned, will supply 9 billion units of green energy every year and will help decarbonize a significant portion of electricity consumption of the large-scale industrial customers.
Serentica aims to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tonnes of CO2 emissions.
Commenting on the investment, Pratik Agarwal, Director of Serentica Renewables, said, "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."
Hardik Shah, Partner at KKR, said, "We are pleased to extend our relationship with Serentica to support their growth and propel their mission to enable India's energy transition."
