KKR backs Vedanta renewable energy arm, infuses g $400 million
KKR, the global investment firm, is infusing $400 million (Rs 3,277 crore) into Serentica Renewables of the Vedanta group.
Serentica is an arm of Twinstar Overseas Ltd, which also owns controlling stakes in Sterlite Power Transmission Ltd and Sterlite Technologies Ltd. The company aims to provide renewable energy through a combination of solar, wind, energy storage and balancing solutions.
Several companies that include the Adani and the Reliance groups have announced big plans in clean energy. Overseas investors have also bought stakes in some of the renewable energy firms. In August this year, Tata Power Renewable Energy said it has raised around Rs 2,000 crore by issuing 8.36 crore equity to BlackRock-backed GreenForest New Energies Bidco.
A statement from Serentica said that it plans to deliver clean energy solutions for large-scale and energy-intensive industrial customers. This includes providing renewable energy solutions through long-term power purchase agreements (PPAs) and working closely with customers to design their paths to net-zero electricity.
The company has entered into three long-term PPAs and is in the process of developing 1,500MW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra. It plans to supply over 16 billion units of clean energy annually and displace 20 million tonnes (mt) of emissions over the medium term.
“This investment will allow us to leap ahead in our vision of decarbonising large energy-intensive industries and help in reversing climate change,’’ Pratik Agarwal, director of Serentica Renewables, said.