Serentica signs binding agreement to acquire Statkraft’s Indian solar portfolio

Serentica Renewables, the decarbonisation platform for commercial and industrial and utility customers in India, has entered into binding agreements to acquire the Indian solar business of Norway-based Statkraft.

The portfolio of Statkraft includes a 445MWp operational solar plant at Bikaner and 1GWp of development assets in Rajasthan.

The acquisition will increase Serentica’s operating portfolio to 1.5GW, supporting its aim to reach 17GW by 2030.

The acquired portfolio is stated to be located in resource-abundant states of India and supplies power on a merchant basis.

Serentica stated that these assets will be transitioned to provide continuous service to its commercial and industrial clients, effectively reducing carbon dioxide (CO₂) emissions by approximately 0.6 million tonnes annually.

Statkraft serves as Europe’s leading renewable energy producer with operations in over 20 countries and has around 7,000 employees. It provides hydropower, wind, solar, and gas-fired power.

Statkraft executive vice-president international Fernando de Lapuerta said: “We are very pleased with this transaction. Serentica Renewables is a fast-growing renewable energy company with high ambitions.

“We are confident that they will continue to operate and develop these assets with competence and commitment, contributing to India’s green energy transition. I am also glad that this offers new opportunities for our competent employees following the transaction.”

Standard Chartered Bank served as the buy-side transaction advisor, with Khaitan & Co. providing legal counsel.

Ernst & Young acted as the exclusive sell-side merger and acquisition banker to Statkraft, with Cyril Amarchand Mangaldas offering legal counsel.

The transaction’s completion depends on meeting certain conditions and obtaining the necessary regulatory approvals.

Serentica Renewables chair Pratik Agarwal 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.”

Founded in 2022, Serentica Renewables is an independent power producer.

Supported by a $650m investment from KKR, Serentica plans to deliver more than 50 billion units of clean energy each year, facilitating the reduction of 47 million tonnes of CO₂ emissions.