Serentica Renewables Secures $250 Million From KKR

Sterlite Power backed Gurugram based Serentica Renewables has announced that the company has secured $250 million in a second round of funding from KKR, a global investment company. Serentica Renewables is a decarbonisation platform for the commercial and industrial (C&I) sector, focusing especially on energy intensive consumers like metals and mining. Starting with it’s own group firms.

The official statement of Serentica Renewables held that this latest investment builds on the $400 million investment from KKR in November 2022. With this, the company is gearing up to install 4000MW of renewable energy capacity that will aid clean energy delivery to large-scale industrial customers.

The larger objective of Serentica Renewables is to supply more than 40 billion units of green energy in the medium term every year to cut down 50 million tonnes of carbon dioxide emissions. In this regard, the firm has signed several power delivery agreements or PDAs to supply 24X7 clean energy among leading industrial installations in the country.

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It will develop solar and wind energy projects in the states of Karnataka, Rajasthan, and Maharashtra that could provide 9 billion units of energy annually once they are commissioned.

Pratik Aggarwal, Director, 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, stated, “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.”

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Recently, Akshay Hiranandani has been appointed by the RE firm as the Chief Executive Officer who was already associated with the group since 2021.

Serentica Renewables had also entered into an agreement with Greenko Group, to source 1500MWhr energy storage capacity through Greenko’s pumped storage projects located in India.