The startup is looking to become a part of the Indian industry’s decarbonization drive. Serentica Renewables India Pvt Ltd, a clean energy startup is being backed by KKR & Co an American investment management company. Serentica Renewables India Pvt Ltd which has its headquarters in Gurgaon will be investing $400 million from private equity for wind and solar-based projects in 4 states of India. The wind and solar projects are set to sell about 3 billion kilowatt hours of power annually. Serentica has also partnered up with Greenko Group to provide energy storage services.
These initiatives come after Hon. Modi’s vision for the decarbonization of India by setting a target.
Director of Serentica Pratik Agarwal said, “The projects will be built over the next two years”. With PM Modi motivated the decarbonization drive by setting a target of achieving net zero by the year 2070.
The Indian Government is providing assistance by making it easier for companies to sign direct deals with energy suppliers. Standard Chartered Bank backed Serentica by being the main channel and financial advisor for this transaction. By the end of this decade, India is aiming to triple its non-fossil fuel power capacity to 500 gigawatts. Currently, about 70% of India’s electricity is generated from coal.
Pratik Aggarwal Director of Serentica Renewables said “This transaction is amongst the largest industrial decarbonization investments in India to date and carries forward the global decarbonization agenda which is center stage at COP27”-United Nations Climate Change Conference.
Hardik Shah Partner at KKR said, “Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India”.