KKR joins arms with decarbonisation platform Serentica Renewables to create new power platform

International funding agency KKR and Vedanta Group’s arm Serentica Renewables have determined to create a brand new power platform that may assist giant industrial shoppers decarbonise their companies. The funding agency is predicted to pump in a whopping $400 million within the platform.  Normal Chartered Financial institution will act as the only real monetary advisor to Serentica for this transaction.

Pratik Agarwal, Director of Serentica Renewables, mentioned that the corporate is joyful to have a like-minded strategic accomplice in KKR, which believes in its mannequin of sustainable growth. “This funding will enable us to leap forward in our imaginative and prescient of decarbonizing giant energy-intensive industries and assist in reversing local weather change.”

Agarwal mentioned  this transaction is among the many largest industrial decarbonisation investments in India thus far and carries ahead the worldwide decarbonization agenda, which is the main focus at COP27.

Serentica Renewables is wholly owned by Twinstar Abroad Restricted (TSOL), which has controlling stakes in Sterlite Energy Transmission Restricted and Sterlite Applied sciences Restricted. Each are held by Anil Agarwal household’s Volcan Investments.

Hardik Shah, Accomplice at KKR, mentioned that the funding in Serentica displays KKR’s confidence in India’s renewable sector and its dedication to advancing the power transition in India. “With Serentica, we glance to assist these firms of their decarbonisation targets. We’re delighted to again Serentica by means of this newest strategic partnership and are excited to develop Serentica into a number one decabonisation platform that may contribute meaningfully to the power transition necessities that lie forward of us.”

An official assertion mentioned that since 2011, KKR has deployed over $15 billion in fairness globally to put money into renewable property, corresponding to photo voltaic and wind, which have an operational energy era capability of 23 GW, as of December 31, 2021.

That is for the second time that KKR has teamed up with Sterlite Energy Transmission. Earlier, it had invested in IndiGrid Funding Managers Ltd, an InvIT launched by Sterlite.

Serentica at present has entered into three long-term PPAs and is within the technique of growing 1,500 MW of photo voltaic and wind energy tasks throughout numerous states together with Karnataka, Rajasthan, and Maharashtra. Serentica’s medium-term purpose is to put in 5,000 MW of carbon-free era capability coupled with completely different storage applied sciences and provide over 16 billion items of fresh power yearly and displace 20 million tonnes of CO2 emissions.
 

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