KKR & Co Inc, a US-based private equity firm, will be investing an additional $250 million in Serentica Renewables, an Indian decarbonisation platform, according to a statement released.
This investment is aimed at supporting the company’s efforts to achieve 4000 MW of installed renewable energy capacity to facilitate clean energy delivery to large-scale industrial customers. Serentica Renewables, jointly held by KKR and Twinstar Overseas Ltd, owned by billionaire Anil Agarwal, had received a $400 million investment commitment from KKR in November last year.
Founded in 2020, Serentica Renewables focuses on industrial decarbonisation by prioritising renewables as the primary source of energy for commercial and industrial sectors, which currently use more than 50% of the electricity generated in India.
The renewable sector in India has been attracting increasing foreign investment, making it one of the top five industries for overseas funds in the last fiscal year. It accounted for 5% of all inflows from April to September 2022, up from 3.3% during the same period the previous year.
This latest investment by KKR is expected to boost Serentica Renewables’ plans to scale up renewable energy capacity in India and promote the adoption of clean energy by the country’s industrial sector.