KKR to invest $250 million more in India’s Serentica Renewables
2023.05.01 02:52
© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
BENGALURU (Reuters) – U.S. private equity firm KKR & Co (NYSE:) Inc will invest an additional $250 million in Serentica Renewables, the Indian decarbonisation platform said on Monday.
“This latest investment will support the company’s effort to achieve 4000MW of installed renewable energy capacity that will aid clean energy delivery to large-scale industrial customers,” Serentica Renewables said in a statement.
KKR, which jointly holds Serentica with billionaire Anil Agarwal’s Twinstar Overseas Ltd, had in November committed to invest $400 million in the company.
Founded last year, Serentica focuses on industrial decarbonisation by making renewables the primary source of energy for the commercial and industrial sectors, that use more than 50% of the electricity generated in India.
India’s renewables sector has been attracting increasing foreign investment, and was among its top five industries for overseas funds in the last fiscal year, with a 5% share of all inflows from April to September 2022, compared with 3.3% in the same period a year ago.
