Norwegian energy firm Statkraft has agreed to divest a portion of its Indian renewable energy portfolio to Serentica Renewables, an Indian company focused on serving the commercial and industrial (C&I) segment.
The agreement with Serentica Renewables covers a portfolio of about 1.5GWp in the northwestern state of Rajasthan, comprising the 445MWp Khidrat solar plant, commissioned earlier this year, along with a pipeline of solar and wind projects totalling around 1GWp at various stages of development.
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Completion of the transaction remains subject to customary conditions precedent and regulatory approvals. Statkraft announced its intention to exit the Indian market last year as part of a strategy to concentrate investments in European and South American markets.
“This acquisition accelerates Serentica’s journey in becoming a leading contributor to India’s renewable energy transition. By integrating Statkraft’s assets with our growth platform, we are strengthening our ability to deliver round-the-clock green power at scale and unlocking long-term value for all our stakeholders,” said Pratik Agarwal, chairman at Serentica Renewables.
Statkraft reported 238GWh of solar production from 307MW of installed capacity in 2024, with plans to develop over 2GW of solar by 2025. The company manages a 10GW global pipeline of wind and solar projects across Europe and Latin America, focusing on expanding its renewable portfolio in key international markets.
The company entered India in 2004 through its joint venture SN Power, becoming the country’s first foreign investor in hydropower. Over the past two decades, Statkraft has built a diversified renewable portfolio across solar, wind, hydro, and power trading in multiple states.
Meanwhile, Serentica Renewables has achieved 1GW of renewable energy capacity across multiple Indian states, integrating solar, wind, and energy storage. The company is backed by US$650 million from global investment firm KKR, supporting its expansion in clean energy solutions.
Recently, Serentica secured financing for a 530MW round-the-clock hybrid project in India. The company raised a US$425 million foreign currency loan from a consortium of international and domestic banks to fund the development of the solar and wind project across Rajasthan and Maharashtra.
