KKR set to speculate $400 million in Anil Agarwal’s Serentica

US non-public fairness main KKR mentioned on Thursday that it has signed agreements to speculate $400 million (about Rs 3,262 crore) in decarbonisation platform Serentica Renewables, a gaggle firm of Anil Agarwal, which plans to offer clear power options.

Serentica Renewables is wholly-owned by Agarwal’s Twinstar Overseas, which owns controlling stakes in Sterlite Power Transmission and Sterlite Technologies. The firm had arrange its decarbonisation platform in September this 12 months.

The firm’s medium-term objective is to put in 5,000 MW of carbon-free technology capability coupled with completely different storage applied sciences and provide over 16 billion items of fresh power yearly and displace 20 million tonne of carbon-dioxide emissions. The firm, which is within the technique of creating 1,500 MW of photo voltaic and wind energy initiatives throughout numerous states, together with Karnataka, Rajasthan and Maharashtra has additionally signed three long-term energy buy agreements.

“We are happy to have a like-minded strategic partner in KKR who believes in our model of sustainable development. The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450 GW by the year 2030. This investment will allow us to leap ahead in our vision of decarbonising large energy intensive industries and help in reversing climate change,” Pratik Agarwal, director of Serentica Renewables mentioned.

“This transaction is amongst the largest industrial decarbonisation investments in India to date and carries forward the global decarbonisation agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference),” he added.

Standard Chartered Bank was the only real monetary advisor to Serentica for this transaction.

“Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonisation objectives,” Hardik Shah, accomplice at KKR, mentioned.

KKR makes its funding from its Asia Pacific Infrastructure technique (fund). Since 2011, KKR has deployed over $15 billion in fairness globally to put money into renewable property resembling photo voltaic and wind, which have an operational energy technology capability of 23 GW as of December 31, 2021.

Serentica intends to offer round the clock clear power options for large-scale and energy-intensive industrial prospects via long-term PPAs. It additionally intends to work intently with prospects to design their paths to net-zero electrical energy. FE