Statkraft Finalizes Agreement To Sell Its India-Based Renewable Energy Assets To Serentica Renewables

Statkraft has entered into an agreement with Serentica Renewables for the divestment of a renewable energy portfolio with a total capacity of approximately 1.5 GWp in Rajasthan, India. The portfolio includes the 445 MWp Khidrat solar plant, which began operations earlier this year, along with a pipeline of solar and wind projects under various stages of development totaling around 1,000 MWp. The completion of the transaction is subject to the fulfilment of conditions precedent and the receipt of necessary regulatory approvals, if required.

This move aligns with Statkraft’s previously announced strategy to divest its India portfolio, a decision made last year to refocus its investments on select markets in Europe and South America. The Norwegian state-owned renewable energy company first entered the Indian market in 2004 through its ownership in SN Power, a joint venture that became the first foreign investor in India’s hydropower sector. Over the past two decades, Statkraft expanded its footprint in India, building a diversified portfolio of solar, wind, and hydro assets, as well as power trading operations across multiple states.

Fernando de Lapuerta, Executive Vice President International in Statkraft, stated, “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.”

Pratik Agarwal, Chairman, Serentica Renewables, said in a statement, “This acquisition accelerates Serentica’s journey in becoming a leading contributor to India’s renewable energy transition. By integrating Statkraft’s high-quality assets with our growth platform, we are strengthening our ability to deliver round-the-clock green power at scale and unlocking long-term value for all our stakeholders.”

De Lapuerta, stated, “Statkraft remains committed to play a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact.”

Serentica Renewables, established in 2022, has quickly emerged as a prominent independent power producer in India, dedicated to decarbonizing hard-to-abate industries by offering firm, dispatchable renewable energy solutions. The company has already achieved 1,000 MW of renewable capacity and is actively developing projects across multiple states, utilizing a mix of solar, wind, energy storage, and advanced balancing technologies.

Supported by a $650 million investment from KKR, Serentica aims to deliver over 50 billion units of clean energy annually, contributing to the reduction of approximately 47 million tons of CO₂ emissions. This agreement represents a significant milestone for both companies, strengthening Serentica’s position in the Indian renewable energy sector while allowing Statkraft to sharpen its global investment focus.