Private equity giant KKR invests $400M in India’s Industrial Energy provider Serentica Renewables

Nov. 9, 2022
The firm’s goal is to install 5,000 MW (5 GW) of carbon-free generation capacity with storage technologies, with an aim to displace 20 million metric tons of CO2 emissions

Investment firm KKR has signed an agreement to invest $400 million in Indian energy management solutions firm Serentica Renewables.

Serentica provide clean energy solutions for the energy-intensive industrial customers, including delivering solutions via long-term Power Purchase Agreements and working with customers to design paths to net-zero electricity. The firm has entered into three long-term PPAs and is developing approximately 1,500 MW of solar and wind power projects in the country.

The firm’s goal is to install 5,000 MW (5 GW) of carbon-free generation capacity with storage technologies, with an aim to displace 20 million metric tons of CO2 emissions.

​“Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India,” Hardik Shah, Partner at KKR, said in a statement. “Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonization objectives. We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decabonization platform that can contribute meaningfully to the energy transition requirements that lie ahead of us.”

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KKR, which decades earlier invested heavily in oil and gas properties, has stepped up its renewable energy portfolio of late. In September, the private equity firm announced its part of a $450 million contribution to Hero Future Energies, the renewable energy arm of the Hero Group.

Earlier this year, KKR created the Aster Renewable Energy platform to develop, build and operate solar, wind and energy storage projects in Taiwan and Vietnam, with plans to possibly expand to other markets in Asia.