Serentica Renewables bags $250 million additional funding from KKR

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.