Global investment firm KKR has signed a US$400 million financing deal with Indian-based Serentica Renewables to expand its clean energy projects.
Serentica Renewables is currently developing 1.5GW of solar and wind projects across the Indian states of Karnataka, Rajasthan and Maharashtra and it said that it already has three power purchase agreements in place.
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“We are happy to have a like-minded strategic partner in KKR who believes in our model of sustainable development. The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450GW by the year 2030,” Pratik Agarwal, director of Serentica, said.
The company develops round-the-clock (RTC) renewable energy solutions for energy-intensive, hard-to-abate industries in India by combining power production with storage facilities, it said.
RTC energy has been of particular concern in the country of late, and the state-owned Solar Energy Corporation of India sought to contract 2.25GW of RTC renewables supply in September of this year.
Hardik Shah, partner at KKR, said: “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 decarbonisation objectives.”
KKR recently lead another US$450 million investment in India, backing independent power producer Hero Future Energies in September. The firm has deployed over US$15 billion to date in renewable energy investments globally.