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Funding agency KKR inks deal to take a position $400 million in Serentica Renewable

KKR has inked a pact to take a position USD 400 million in decarbonization platform Serentica Renewable.

Each the entities have signed definitive agreements to this impact, below which KKR will make investments USD 400 million in Serentica Renewable, an announcement stated on Tuesday.

“This transaction is amongst the biggest industrial decarbonization investments in India up to now and carries ahead the worldwide decarbonization agenda which is centre stage at COP27 (2022 United Nations Local weather Change Convention),” stated Pratik Agarwal, Director of Serentica Renewables.

Serentica appears to ship round the clock clear power options for large-scale, energy-intensive industrial clients. This contains offering renewable power options by way of long-term Energy Buy Agreements and dealing carefully with clients to design their paths to net-zero electrical energy.

Presently, the corporate has entered into three long-term PPAs and is within the strategy of creating round 1,500 MW of photo voltaic and wind energy initiatives throughout varied states together with Karnataka, Rajasthan, and Maharashtra.

Serentica’s medium-term objective is to put in 5,000 MW of carbon-free technology capability coupled with totally different storage applied sciences and provide over 16 billion items of fresh power yearly and displace 20 million tonnes of CO2 emissions.

Established in 2022, Serentica Renewables is 100 per cent held by Twinstar Abroad Ltd which additionally owns controlling stakes in Sterlite Energy Transmission & Sterlite Applied sciences.

“Our funding in Serentica displays KKR’s confidence in India’s renewables sector and our dedication to advancing the power transition in India,” Hardik Shah, Companion at KKR, stated.

Commonplace Chartered Financial institution acted as the only real monetary advisor to Serentica for this transaction.

KKR makes its funding from its Asia Pacific Infrastructure technique. The transaction in Serentica marks KKR’s newest funding in India and the renewables sector.

Since 2011, KKR has deployed over USD 15 billion in fairness globally to put money into renewable belongings, equivalent to photo voltaic and wind, which have an operational energy technology capability of 23 GW, as of December 31, 2021, it acknowledged.

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