Serentica Renewables Secures $250 Million From KKR

May 1, 2023 04:58 PM ET
  • The most up to date investment improves the $400 million financial investment from KKR in November 2022.
  • Serentica Renewables will mount 4000MW of renewable resource capacity that will certainly help clean energy shipment to large-scale industrial consumers.

Sterlite Power backed Gurugram based Serentica Renewables has actually announced that the firm has secured $250 million in a second round of financing from KKR, an international investment company. Serentica Renewables is a decarbonisation platform for the commercial as well as industrial (C&I) industry, focusing specifically on power intensive customers like steels and mining. Starting with it's very own group firms.

The main declaration of Serentica Renewables held that this most recent investment improves the $400 million investment from KKR in November 2022. With this, the firm is getting ready to install 4000MW of renewable energy capacity that will aid clean energy delivery to large-scale industrial customers.

The larger purpose of Serentica Renewables is to provide greater than 40 billion units of green power in the medium term yearly to lower 50 million tonnes of carbon dioxide emissions. In this regard, the firm has actually authorized a number of power delivery agreements or PDAs to provide 24X7 clean energy amongst leading industrial installments in the nation.

It will certainly create solar as well as wind energy projects in the states of Karnataka, Rajasthan, and also Maharashtra that might provide 9 billion units of energy annually when they are commissioned.

Pratik Aggarwal, Director, Serentica Renewables stated, "This investment will certainly enable us to more increase large-scale decarbonization of the power-guzzling commercial and also industrial sector. Our unwavering commitment to turning around climate modification with the delivery of clean energy has actually been even more reinforced by this investment, providing us greater confidence in our capabilities to attain this vision."

Hardik Shah, Partner at KKR, mentioned, "As India remains to establish at speed, clean power options will certainly play an expanding and crucial role in satisfying the nation's power demands, especially in the industrial and hard-to-abate markets that Serentica wants to support."

Lately, Akshay Hiranandani has actually been selected by the RE firm as the Ceo that was currently connected with the group given that 2021.

Serentica Renewables had also become part of an agreement with Greenko Group, to source 1500MWhr power storage capacity through Greenko's pumped storage projects situated in India.

Solar Installers, Manufacturers