KKR to invest additional USD 250 mn in Serentica Renewables
Renewable energy solutions provider Serentica Renewables on Monday said it has secured an additional investment of USD 250 million from global investment firm KKR. Serentica Renewables has signed definitive agreements under which leading global investment firm KKR will invest an additional USD 250 million in the company, a statement said.
Renewable energy solutions provider Serentica Renewables on Monday said it has secured an additional investment of USD 250 million from global investment firm KKR. Serentica Renewables has signed definitive agreements under which leading global investment firm KKR will invest an additional USD 250 million in the company, a statement said.
This latest funding builds on the USD 400 million investment from KKR in November 2022.
With this, the company is gearing up to install 4000MW of renewable energy capacity that will aid clean energy delivery to large-scale industrial customers.
Serentica has recently signed a new set of Power Delivery Agreements (PDAs) to deliver round-the-clock green energy to some of the leading industrial customers in India.
Currently, it is in the process of developing solar and wind power projects across Karnataka, Rajasthan, and Maharashtra.
Once commissioned, these projects will supply 9 billion units of green energy every year, using the inter-state transmission network, thereby decarbonising a large portion of the electricity consumption of the large-scale industrial customers.
Pratik Agarwal, Director, Serentica Renewables, said in the statement, "We are excited to deepen our collaboration with a like-minded strategic partner like KKR. This investment will enable us to further accelerate large-scale decarbonization of the power-guzzling commercial and industrial segment."
Serentica's vision is to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tonnes of CO2 emissions.
Hardik Shah, Partner at KKR, said in the statement, "We are pleased to extend our relationship with Serentica to support their growth and propel their mission to enable India's energy transition."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Retirement Planning: Investment Rs 20 lakh, retirement corpus goal Rs 3.40 crore; know how you can achieve it
12:47 PM IST