KKR to invest additional $250m in India’s Serentica Renewables

The US private equity firm KKR & Co Inc would invest an additional $250 million in the Indian decarbonisation platform Serentica Renewables, said Reuters in a report. 

“This latest investment will support the company’s effort to achieve 4000MW of installed renewable energy capacity that will aid clean energy delivery to large-scale industrial customers,” Serentica Renewables said in a statement.

 

According to the new agency, KKR, which owns Serentica alongside billionaire Anil Agarwal’s Twinstar Overseas Ltd, agreed in November to spend $400 million in the company.

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Serentica, a company that was founded just last year, focuses on industrial decarbonisation by making renewables the main source of energy for the commercial and industrial sectors, which consume more than 50% of India’s electricity.

 

According to Reuters, India’s renewables sector has been attracting increasing foreign investment, and was among its top five industries for overseas funds in the last fiscal year, with a 5% share of all inflows from April to September 2022, compared with 3.3% in the same period a year ago.

 

According to a press release, Serentica recently agreed to a new set of Power Delivery Agreements (PDAs) to provide some of the top industrial customers in India with continuous green energy. It is currently building solar and wind power projects in Maharashtra, Rajasthan, and Karnataka.

 

In a deal valued at nearly $1.4 billion in April, the private equity company KKR & Co agreed to purchase a sizable portion of FGS Global.

 

Source: mint

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