KKR to invest USD 400m in Indian renewables platform Serentica
- United States private equity firm KKR & Co Inc (NYSE: KKR) means to inject USD 400 million (EUR 399.9 m) right into India-based renewable power and clean power services carrier Serentica Renewables.
The companies have actually authorized definitive agreements for the financial investment, KKR stated on Tuesday.
The target company is concentrated on offering clean energy services for energy-intensive industries, mainly via long-term power off-take contracts. The platform presently has 3 power acquisition arrangements (PPAs) in position as well as is working with 1.5 GW of wind and also solar power developments across the states of Karnataka, Rajasthan as well as Maharashtra.
Serentica's medium-term goal is to set up 5 GW of carbon-free power generation capacity as well as supply a mix of solar, wind, energy storage as well as harmonizing services.
"This financial investment will certainly permit us to leap in advance in our vision of decarbonizing huge energy-intensive industries as well as aid in reversing climate change," claimed Pratik Agarwal, director of Serentica Renewables.
KKR will certainly accomplish the deal in accordance with its method to purchase infrastructure assets in the Asia Pacific, where it sees renewables as a major pillar for its plans. The private equity titan noted that considering that 2011 it has spent greater than USD 15 billion around the world to buy renewables, such as wind as well as solar, amounting to some 23 GW.