- Statkraft agreed to sell its 445 MWp Khidrat solar plant and 1,000 MWp project pipeline in Rajasthan to Serentica Renewables.
- Serentica, backed by KKR, said the acquisition boosts its ability to deliver large-scale, round-the-clock green power and strengthens its role in India’s renewable transition.
Statkraft, Europe’s largest renewable energy producer, has agreed to sell a 1.5 gigawatt portfolio of solar and wind projects in Rajasthan to Serentica Renewables. The portfolio includes the 445 MWp Khidrat solar plant, which began operating earlier this year, and a 1,000 MWp pipeline of projects at various stages of development. The parties will close the deal once they meet the conditions precedent and secure regulatory approvals.
Meanwhile, Fernando de Lapuerta, Statkraft’s Executive Vice President International, said the company is redirecting capital to core markets in Europe and South America. He stressed that Serentica, “a fast-growing renewable energy company with high ambitions,” will operate and develop the Indian assets competently and responsibly.
Pratik Agarwal, Chairman of Serentica Renewables, said the acquisition boosts the company’s ability to deliver round-the-clock renewable power on a scale. “By integrating Statkraft’s high-quality assets with our platform, we are accelerating our growth and creating long-term value for all stakeholders,” he stated.
In addition, Statkraft entered India in 2004 through its stake in SN Power, the first foreign investor in its hydropower sector. Over two decades, the Norwegian state-owned company built a diversified portfolio in solar, wind, hydro, and power trading before deciding in 2023 to divest its Indian assets.
Serentica Renewables is building a portfolio of dispatchable clean power for energy-intensive industries. The company, backed by a $650 million investment from KKR, has already achieved 1,000 MW of capacity and aims to supply over 50 billion units of clean energy annually, displacing 47 million tons of CO₂ emissions.