Large-scale industrial users will be able to access clean energy as a result, and the corporation is getting ready to add 4000 MW of renewable energy capacity.
Providing sophisticated clean energy options for energy-intensive, challenging-to-abate industries, Serentica Renewables, a decarbonisation platform, today announced the signing of definitive agreements under which KKR, a top-tier international investment firm, will invest an additional $250 million in the company.
The $400 million investment from KKR in November 2022 is expanded upon by this most recent investment. This will help offer clean energy to large-scale industrial users, and the company is preparing to add 4000 MW of renewable energy capacity.
Commenting on the transaction, Pratik Agarwal, Director, Serentica Renewables, said, “We are excited to deepen our collaboration with a like-minded strategic partner like KKR. This investment will enable us to further accelerate the 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.”
Recent Power Delivery Agreements (PDAs) inked by Serentica commit the company to continuously providing green energy to some of India's top industrial clients. It is currently building solar and wind power projects in Maharashtra, Rajasthan, and Karnataka. Once operational, these projects will use the interstate transmission network to provide 9 billion units of green energy annually, significantly reducing the carbon footprint of large-scale industrial customers' electricity usage.
The medium-term goal of Serentica is to provide more than 40 billion clean energy units yearly while removing 50 million tonnes of CO2 emissions from the atmosphere.
Hardik Shah, Partner at KKR, said, “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. We are pleased to extend our relationship with Serentica to support their growth and propel their mission to enable India’s energy transition.”