According to Reuters, the US private equity company KKR & Co Inc would invest an extra $250 million in the Indian decarbonization platform Serentica Renewables.
Serentica Renewables is a firm established in the United Kingdom that specializes in the development of sustainable and renewable energy solutions. The firm is committed to fostering an ecologically responsible future via the utilization of technologies such as biomass, wind, and solar power.
Serentica Renewables also offers renewable energy consultancy and project management services. The company’s purpose ifs to minimize greenhouse gas emissions while also providing a reliable source of energy for current and future generations.
“This latest investment will support the company’s efforts to achieve 4000MW of installed renewable energy capacity that will aid in clean energy delivery to large-scale industrial customers,” Serentica Renewables said in a statement.
According to the new agency, KKR, which owns Serentica with billionaire Anil Agarwal’s Twinstar Overseas Ltd, committed to investing $400 million in the firm in November.
Serentica, a newly created firm, focuses on industrial decarbonization by making renewables the primary energy source for the commercial and industrial sectors, which use more than half of India’s power.
According to Reuters, India’s renewables industry has been receiving significant foreign investment, and was among the top five sectors for overseas capital in the previous fiscal year, accounting for 5% of total inflows from April to September 2022, up from 3.3% in the same period the previous year.
According to a news release, Serentica has signed a new set of Power Delivery Agreements (PDAs) to deliver uninterrupted green energy to some of India’s biggest industrial clients. Currently, it is constructing solar and wind power projects in Maharashtra, Rajasthan, and Karnataka.
In April, the private equity firm KKR & Co agreed to buy a significant stake in FGS Global for roughly $1.4 billion. KKR leads a $450 million investment in Hero Group’s renewable energy division.
As part of the arrangement, KKR agreed to buy a 30% stake in FGS Global from senior management. FGS Global’s largest investor, Martin Sorrell’s WPP Plc, a London-based advertising juggernaut, will retain a controlling stake.
Golden Gate Capital has sold its entire stake in FGS Global to KKR, which is investing in the company via its $8 billion European Fund VI. According to rumors, KKR will then possess 100% of the firm. In a difficult market, KKR raises $8 billion for its European flagship fund.
