Serentica Renewables to acquire Norway-based Statkraft's Indian solar business

Pratik Agarwal, Chairman, Serentica Renewables.

KKR-backed Serentica Renewables on Monday said it has inked pacts with Norway-based Statkraft to acquire their solar power generation business in India.

Statkraft’s Indian solar business comprises 445 MWp operational solar plant at Bikaner and 1 GWp of development assets across Rajasthan, a joint statement said. The portfolio is strategically located in resource-rich states and is currently supplying power on a merchant basis.

These assets will be transitioned to serve Serentica’s commercial and industrial customers on a round-the-clock basis, thereby offsetting an estimated 0.6 million tonnes of CO2 annually. ”Serentica Renewables is committed to the energy transition goals of India, and this acquisition is one more step in furthering that vision. By integrating this asset with wind and storage systems, we will be able to provide a faster round-the-clock solution to our largest clients,” said Pratik Agarwal, Chairman, Serentica Renewables.

The acquisition will grow Serentica’s operating portfolio to 1.5 GW, keeping the company on course to achieve its target of 17 GW by 2030. ”Serentica Renewables is a fast-growing renewable energy company with high ambitions.

We are confident that they will continue to operate and develop these assets with competence and commitment, contributing to India’s green energy transition,” Fernando de Lapuerta, Executive Vice President International, Statkraft, said. Serentica Renewables has achieved 1,000 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions.

Backed by a USD 650 million investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, enabling the displacement of 47 million tons of CO₂ emissions. Statkraft is a leading company in hydropower and Europe’s largest generator of renewable energy.

The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. It has around 7,000 employees in more than 20 countries. Standard Chartered Bank acted as the buy-side transaction advisor, along with Khaitan & Co as the legal advisor. Ernst & Young LLP acted as the exclusive sell-side M&A banker to Statkraft, with Cyril Amarchand Mangaldas acting as the legal advisor.