According to Serentica Renewables, an Indian provider of clean energy solutions, KKR & Co. of the US would invest an extra $250 million in the company.
The new funding will be used to support the Indian platform’s objective of having 4 GW of installed renewable energy capacity in its portfolio and deliver electricity to industrial customers in energy-intensive businesses. The platform is jointly controlled by KKR and billionaire Anil Agarwal’s Twinstar Overseas Ltd. The contribution builds on KKR’s $400 million financial commitment from late November.
Serentica, a company founded in 2022, is dedicated to offering clean energy solutions, mostly under long-term power off-take contracts, by combining solar, wind, energy storage, and balancing technologies. In the states of Karnataka, Rajasthan, and Maharashtra, the decarbonization platform is currently developing 1.5 GW of wind and solar power projects with an expected annual output of 9 billion kWh.
Pratik Agarwal, director of Serentica Renewables, stated, “This investment will help us to significantly accelerate large-scale decarbonization of the power-guzzling commercial and industrial market. Serentica anticipates being able to provide more than 40 billion kWh of clean energy annually in the medium term.