KKR makes $250 million investment in Serentica Renewables

03 May 2023 CW Team

Serentica Renewables revealed that it has received an additional $250 million in funding from the renowned international investment firm KKR. This most recent investment, which comes after KKR's $400 million pledge in November 2022, will help install 4000 MW of renewable energy capacity to assist the delivery of clean energy to large-scale industrial customers.

A fresh batch of Power Delivery Agreements (PDAs) have been struck by the company to supply green energy to some of India's top industrial clients. In Karnataka, Rajasthan, and Maharashtra, Serentica Renewables is currently developing solar and wind generating plants. Once completed, these projects will use the interstate transmission network to deliver 9 billion units of green energy annually, lowering CO 2 emissions.

In the medium term, the company wants to replace 50 million tonnes of CO 2 emissions while supplying more than 40 billion units of renewable energy yearly. With this investment, Serentica Renewables hopes to hasten the large-scale decarbonisation of the energy-hungry commercial and industrial sector. Pratik Agarwal, Director, Serentica Renewables stated his enthusiasm for the partnership with KKR and claimed that it will boost their confidence in their skills to realise their goal of reversing climate change through the provision of renewable energy.

In order to fulfil the country's energy needs as it continues to develop quickly, according to Hardik Shah, Partner at KKR, sustainable energy solutions will become more and more crucial, particularly in the industrial and difficult-to-abate industries that Serentica Renewables aims to serve.

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