Serentica Renewables bags $250 million additional funding from KKR

Renewable energy

Serentica Renewables, a Sterlite Power-backed decarbonisation platform for the commercial and industrial (C&I) sector, has bagged a second round of funding of $250 million from global investment firm KKR.

"This latest investment builds on the $400 million investment from KKR in November 2022. With this, the company is gearing up to install 4000MW of renewable energy capacity that will aid clean energy delivery to large-scale industrial customers," Serentica said in a statement on May 1.

In an interview on March 3, Pratik Agarwal, Director, Serentica Renewables, had exclusively told Moneycontrol that the company is in talks with KKR, among others, for a second round of funding.

Serentica has recently signed a set of power delivery agreements (PDAs) to supply round-the-clock green energy to some of the leading industrial customers in India. It is in the process of developing solar and wind power projects across Karnataka, Rajasthan, and Maharashtra. Once commissioned, these projects will supply 9 billion units of green energy every year, using the inter-state transmission network, decarbonising a large portion of the electricity consumption of the large-scale industrial customers.

In the long run, the company aims to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tonnes of CO2 emissions.

“We are excited to deepen our collaboration with a like-minded strategic partner like KKR. This investment will enable us to further accelerate large-scale decarbonization of the power-guzzling commercial and industrial segment. Our unwavering commitment to reversing climate change through the delivery of clean energy has been further reinforced by this investment, giving us greater confidence in our capabilities to achieve this vision,” Agarwal said on the latest funding.

“As India continues to develop at pace, clean energy solutions will play a growing and important role in meeting the country’s energy demands, especially in the industrial and hard-to-abate industries that Serentica looks to support," Hardik Shah, Partner at KKR, said.