Serentica Renewables, a Sterlite Power-backed decarbonisation dais for the Commercial and Industrial (C&I) sector, has received an additional $250 million from international investment firm KKR.
On May 1, Serentica said that this latest investment is based on the $400 million investment from KKR in November 2022. With this, the company is installing 4000MW of renewable energy capacity to help clean energy transfer to large-scale industrial consumers.
In March 3rd interview, Pratik Agarwal, Director of Serentica Renewables, told the media that the company is in talks with KKR for a second round of funding.
Recently, Serentica has contracted a set of Power Delivery Agreements (PDAs) to source round-the-clock green energy to leading industrial customers in India. It plans to develop solar and wind power developments across Karnataka, Rajasthan, and Maharashtra. Once commissioned, these projects will annually source 9 billion units of green energy, expanding the inter-state transmission system by decarbonising a large portion of the electricity consumption of the huge industrial customers.
The firm targets to supply over 40 billion units of clean energy annually in the medium term, displacing 50 million tons of CO2 emissions.
Agarwal said in an exchange filing that they are excited to collaborate with a proficient strategic partner like KKR. This investment will further accelerate large-scale decarbonisation of the power-guzzling commercial and industrial (C&I) segment. The firm’s staunch commitment to reversing climate change through clean energy delivery is reinforced by this investment, giving greater confidence to achieve this vision.
“Clean energy solutions will play a growing and significant role in completing the country’s energy demands, focusing the industrial and hard-to-abate industries that Serentica looks to support,” said Hardik Shah, Partner at KKR.