Serentica Renewables Signs Deal to Acquire Statkraft’s Indian Solar Assets

Serentica Renewables, a decarbonization platform for C&I and utility customers, has signed binding agreements with Norway-based Statkraft to acquire its Indian solar business.

In a press release, Serentica mentioned, "Statkraft’s Indian solar business comprises a 445 MWp operational solar plant at Bikaner and 1 GWp of development assets across Rajasthan. The portfolio is located in resource-rich states and is currently supplying power on a merchant basis. These assets will be transitioned to serve Serentica’s C&I customers on a round-the-clock basis, thereby offsetting an estimated ~0.6 million tonnes of CO2 annually."

Sharing the impact of the acquisition, Serentica explained, "The acquisition will grow Serentica’s operating portfolio to 1.5 GW, keeping the company on course to achieve its target of 17 GW by 2030. Completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals, if any. 

Leadership View

Commenting on the development, Pratik Agarwal, Chairman, Serentica Renewables, said, “Serentica Renewables is committed to the energy transition goals of India, and this acquisition is one more step in furthering that vision. By integrating this asset with wind and storage systems, we will be able to provide a faster round-the-clock solution to our largest clients.”

Fernando de Lapuerta, Executive Vice President International, Statkraft, said, “We are very pleased with this transaction. Serentica Renewables is a fast-growing renewable energy company with high ambitions. We are confident that they will continue to operate and develop these assets with competence and commitment, contributing to India’s green energy transition. I am also glad that this offers new opportunities for our competent employees following the transaction.”

Norway's Statkraft, Europe’s largest generator of renewable energy, has initiated a full-scale divestment of its Indian portfolio, which includes solar, wind, and hydro assets. This strategic move is part of a broader global realignment to focus on core markets in Europe and South America. the firm had earlier sold its Hydro power assets of size 278 MW to the LNJ Bhilwara group. It's first solar project in India was the 70 MW Nellai solar project in Tamil Nadu and some other projects which are expected to be sold soon as well.