KKR To Invest $400 Mn In Serentica Renewables
Global investment firm KKR has signed an agreement with Sterlite-backed Serentica Renewables to invest USD 400 million in its 'decarbonisation platform' launched in September 2022 under the umbrella of Vedanta Group. KKR’s investment comes from its Asia Pacific infrastructure strategy. Serentica Renewables is owned by Twinstar Overseas Limited (TSOL) which also has controlling stakes in Sterlite Power Transmission Limited & Sterlite Technologies Ltd. TSOL is a promoter entity of the Vedanta Group.
Serentica is set to build 1.5 Gigawatt (Gw) of solar, wind, and energy storage capacity in Karnataka, Rajasthan, and Maharashtra. The transaction is among the largest decarbonisation steps taken in recent times ahead of CoP 27. They are also looking to scale up Serentica's capacity to 5 Gw of renewable capacity with energy storage technologies. The initial 1.5 Gw capacity will be commissioned in 24 months, subject to statutory approvals, said a statement by the company. They will also participate in subsequent government projects. Energy-consuming, heavy-duty companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. The agenda is to support them in their decabonisation journey.
