Serentica Renewables, backed by global investment firm KKR, has signed agreements to acquire the solar power business of Norway-based Statkraft in India. The portfolio includes a 445 MWp operational solar plant in Bikaner and 1 GWp of development assets across Rajasthan. Strategically located in resource-rich regions, the assets currently operate on a merchant basis and will be transitioned to supply Serentica’s commercial and industrial customers on a round-the-clock model, offsetting an estimated 0.6 million tonnes of CO₂ emissions annually.
“With this acquisition, we are strengthening our ability to deliver reliable, round-the-clock green energy by integrating solar with wind and storage solutions,” said Pratik Agarwal, Chairman of Serentica Renewables. “This is another step toward India’s energy transition goals and our vision of building large-scale clean energy solutions for industrial consumers.”
The acquisition increases Serentica’s operating portfolio to 1.5 GW, supporting its long-term target of 17 GW by 2030. Statkraft executives expressed confidence in the transition, with Fernando de Lapuerta, Executive Vice President International, noting: “Serentica Renewables is a fast-growing renewable energy company with strong ambitions, and we believe they will further develop these assets responsibly to advance India’s green energy transition.”
Serentica currently has 1,000 MW of renewable capacity under development across multiple states, combining solar, wind, energy storage, and advanced balancing solutions. Supported by a USD 650 million investment from KKR, the company aims to deliver over 50 billion units of clean energy annually, displacing around 47 million tonnes of CO₂ emissions.
Statkraft, Europe’s largest generator of renewable energy, has a global portfolio spanning hydropower, wind, solar, gas-fired power, and district heating, with operations in more than 20 countries and 7,000 employees worldwide. On the transaction, Standard Chartered Bank served as buy-side advisor to Serentica, with Khaitan & Co as legal counsel. Statkraft was advised by Ernst & Young LLP as exclusive sell-side M&A banker and Cyril Amarchand Mangaldas as legal advisor.
Established in 2022, Serentica Renewables focuses on providing firm, dispatchable green energy solutions to decarbonise energy-intensive industries. The company aims to scale up to 17 GW of operational capacity by 2030, integrating large-scale storage systems such as pumped storage projects (PSPs) and battery energy storage systems (BESS). At full scale, Serentica expects to supply over 50 billion units of clean power annually, helping offset nearly 47 million tonnes of CO₂ emissions.
