Serentica Renewables, backed by global investor KKR, has signed a binding deal to acquire the Indian solar business of Norway-based Statkraft. While the company did not disclose the deal value, sources say it is around ₹2,000 crore.
With this acquisition, Serentica’s operating portfolio will increase to 1.5 GW, keeping it on track to reach its target of 17 GW by 2030.
Statkraft currently has 445 MW of solar projects running in Bikaner and is developing another 1 GW of solar capacity in Rajasthan. These assets, which now sell power on a merchant basis, will be transitioned to serve Serentica’s commercial and industrial customers round-the-clock.
Founded in 2022, Serentica already has 600 MW of projects in operation and 4 GW under development.
Chairman Pratik Agarwal said the acquisition strengthens the company’s ability to provide reliable clean energy by combining solar with wind and storage solutions.
Statkraft, which operates in more than 20 countries, produces hydropower, wind, solar, and gas-fired power, and also supplies district heating, with about 7,000 employees worldwide.
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