Serentica Renewables, a prominent platform dedicated to decarbonization solutions for industrial, commercial, and utility sectors across India, has officially entered into binding agreements for the acquisition of Statkraft’s Indian solar energy portfolio. This strategic move marks a significant expansion for Serentica, reinforcing its commitment to India's green energy transition and its ambitious growth targets within the renewable energy landscape.

The acquired portfolio from Statkraft, a leading renewable energy producer based in Norway with extensive global operations, encompasses a 445 MWp operational solar facility located in Bikaner, alongside an additional 1 GWp of solar development assets situated in Rajasthan. These assets are strategically located in regions known for abundant renewable resources, currently supplying power on a merchant basis. This acquisition is poised to substantially elevate Serentica's total operational capacity to 1.5 GW, aligning with the company’s ambitious target of achieving 17 GW by the year 2030. Furthermore, Serentica plans to integrate these assets with wind and storage systems to deliver continuous, round-the-clock power solutions to its key industrial and commercial clientele.

A critical aspect of this transaction is its projected environmental impact. Serentica estimates that by transitioning these newly acquired assets to provide consistent service to its commercial and industrial clients, the initiative will lead to an annual reduction of approximately 0.6 million tonnes of carbon dioxide (CO₂) emissions. This underscores Serentica's dedication to facilitating India's energy transition goals and contributing to a more sustainable future. Statkraft, recognized for its diverse renewable energy offerings including hydro, wind, solar, and gas-fired power, expressed confidence in Serentica’s capability to expertly manage and further develop these assets, ensuring their continued contribution to India's green energy objectives.

The successful completion of this acquisition is contingent upon the fulfillment of specific conditions and the attainment of all necessary regulatory approvals. Financial advisory for the buyer, Serentica, was provided by Standard Chartered Bank, with legal guidance from Khaitan & Co. On the sell-side, Ernst & Young acted as the exclusive merger and acquisition banker for Statkraft, while Cyril Amarchand Mangaldas offered legal counsel. This collaborative effort highlights the complex nature of such large-scale transactions in the renewable energy sector. Serentica Renewables, established in 2022 and supported by a significant $650 million investment from KKR, aims to generate over 50 billion units of clean energy annually, targeting a cumulative reduction of 47 million tonnes in CO₂ emissions.

This pivotal acquisition not only expands Serentica’s footprint in the Indian renewable energy market but also demonstrates a clear pathway towards achieving its long-term strategic objectives for decarbonization and sustainable energy supply. By integrating these solar assets, Serentica is well-positioned to offer enhanced renewable energy solutions, further bolstering India’s journey towards a greener and more energy-independent future.