KKR invests $400m in Indian renewables player

KKR has reached an agreement to invest $400m in Serentica Renewables, which aims to provide clean energy for large-scale, energy-intensive industrial customers in India.

Serentica offers long-term power purchase agreements (PPAs) and works closely with customers to “design their paths” to net zero electricity.

The company has entered into three long-term PPAs and is in the process of developing 1500MW of solar and wind power projects across various Indian states, including Karnataka, Rajasthan, and Maharashtra.

Serentica’s medium term goal is to install 5000MW of carbon-free generation capacity coupled with different storage technologies.

Pratik Agarwal, Director of Serentica Renewables, said: “We are happy to have a like-minded strategic partner in KKR who believes in our model of sustainable development.

“The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450GW by the year 2030.

“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 to date and carries forward the global decarbonisation agenda which is centre stage at COP27.”

Hardik Shah, Partner at KKR, said: “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 decarbonisation objectives.

"We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decarbonisation platform that can contribute meaningfully to the energy transition requirements that lie ahead of us.”