KKR-backed Serentica Renewables signed a binding agreement to acquire the Indian solar operations of Norway-based Statkraft. While the deal value was not disclosed, industry sources estimate the enterprise value to be around ₹2,000 crore.
Portfolio Expansion and Growth Plans
With this acquisition, Serentica’s operational portfolio will expand to 1.5 GW, reinforcing its growth trajectory toward achieving 17 GW capacity by 2030. Currently, Serentica operates 600 MW of renewable assets and is developing an additional 4 GW, according to company data.
Statkraft’s Assets in Rajasthan
Statkraft’s Indian portfolio includes 445 MW of operational solar capacity in Bikaner and another one GW under development in Rajasthan. These projects, strategically located in resource-rich states, currently supply power on a merchant basis. Once integrated, these assets will be transitioned to serve Serentica’s commercial and industrial (C&I) customers with round-the-clock renewable power solutions.
Strategic Value of the Deal
Pratik Agarwal, Chairman of Serentica Renewables, said, “Serentica Renewables is committed to the energy transition goals of India, and this acquisition is one more step in furthering that vision. By integrating this asset with wind and storage systems, we will be able to provide a faster round-the-clock solution to our largest clients.”
The Brand
Statkraft is one among the leading international energy company, producing hydropower, wind, solar, and gas-fired power, along with district heating. As reported by thehindubusinessline.com, with operations in more than 20 countries and a workforce of around 7,000 employees, Statkraft has a strong global presence in renewable energy.
