On Tuesday, the largest US private equity firm KKR announced that it has signed contracts to invest $400 million (about Rs 3,262 crore) in Serentica Renewables, a group company owned by billionaire Anil Agarwal that aims to offer clean energy solutions.
Agarwal’s Twinstar Overseas, which also holds a majority position in Sterlite Power Transmission and Sterlite Technologies, is the sole owner of Serentica Renewables. In September of this year, the business set up its decarbonization platform.
The company’s medium-term objective is to install 5,000 MW of carbon-free generation capacity paired with various storage technologies, provide more than 16 billion clean energy units annually, and eliminate 20 million tonnes of carbon dioxide emissions. The company has also inked three long-term power purchase agreements. It is now developing 1,500 MW of solar and wind power projects in states including Karnataka, Rajasthan, and Maharashtra.
“We are pleased to have KKR as a strategic partner who shares our outlook on sustainable development. India is leading this endeavor with its lofty goal of 450 GW by the year 2030. The globe is transitioning to clean energy. Our goal of decarbonizing large, energy-intensive enterprises will be advanced thanks to this investment, according to Pratik Agarwal, director of Serentica Renewables.