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Global investment firm KKR on Tuesday announced that it will invest $400 million in Serentica Renewables, a decarbonisation platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries.

Serentica has currently entered three long-term PPAs and is in the process of developing ~1,500 MW of solar and wind power projects across various states, including Karnataka, Rajasthan, and Maharashtra.

Serentica’s medium term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies, supply over 16 billion units of clean energy annually, and displace 20 million tonnes of CO2 emissions.

Pratik Agarwal, Director of Serentica Renewables, said, “The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450GW 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. 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).”

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“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. We are delighted to back Serentica through this latest strategic partnership and are excited to develop it into a leading decabonisation platform that can contribute meaningfully to the energy transition requirements that lie ahead of us,” said Hardik Shah, Partner at KKR.

The transaction in Serentica marks KKR’s latest investment in India and the renewables sector. Since 2011, KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021.