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Global investment firm KKR has signed a definitive agreement with Serentica Renewables to invest about $400 million in the “decarbonisation platform”, which was launched this September and is fully owned by Vedanta’s promoter entity.
KKR’s investment is from its Asia Pacific infrastructure strategy. Launched by Sterlite Power, one of India’s leading private power transmission companies, Serentica will cater to commercial and industrial consumers (C&I).
Business Standard recently reported that Sterlite is forming a new platform for providing green energy to industrial consumers. Serentica will build 1.5 Gigawatt (Gw) of solar, wind, and energy storage capacity in Karnataka, Maharashtra, and Rajasthan.
Pratik Agarwal, director of Serentica Renewables, said in a statement: “This investment will allow us to leap ahead in our vision of decarbonising large energy-intensive industries and help in reversing climate change. This transaction is amongst the largest industrial decarbonisation investments in India, so far, and carries forward the global decarbonisation agenda which is centre stage at COP27.” Agarwal is the managing director of Sterlite Power.
In an earlier interaction with Business Standard, Agarwal said close to 600 Mw of the round-the-clock green power would be supplied to the Vedanta group as part of the “company’s decarbonisation strategy”.
Serentica is looking to scale up its capacity to 5 Gw of renewable energy capacity with energy storage technologies.
“The initial 1.5 Gw capacity will be commissioned in 24 months, subject to statutory approvals, said a statement by the company. Serentica will also participate selectively in government tenders subject to the project having synergies with its overall focus of providing direct green energy solutions to commercial and industrial customers,” Agarwal had said.
Serentica Renewables is fully owned by Twinstar Overseas (TSOL), which also has controlling stakes in Sterlite Power Transmission & Sterlite Technologies. TSOL is a promoter entity of the Vedanta group.
“Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonization objectives,” said Hardik Shah, partner at KKR.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
