US private equity firm KKR & Co Inc (NYSE:KKR) intends to inject USD 400 million (EUR 399.9m) into India-based renewable power and clean energy solutions provider Serentica Renewables.
The companies have signed definitive agreements for the investment, KKR said on Tuesday.
The target company is focused on providing clean energy solutions for energy-intensive industries, mainly through long-term power off-take contracts. The platform currently has three power purchase agreements (PPAs) in place and is working on 1.5 GW of wind and solar power developments across the states of Karnataka, Rajasthan and Maharashtra.
Serentica’s medium-term goal is to install 5 GW of carbon-free power generation capacity and offer a combination of solar, wind, energy storage and balancing solutions.
“This investment will allow us to leap ahead in our vision of decarbonizing large energy-intensive industries and help in reversing climate change,” said Pratik Agarwal, director of Serentica Renewables.
KKR will carry out the transaction in line with its strategy to invest in infrastructure assets in the Asia Pacific, where it sees renewables as a major pillar for its plans. The private equity giant noted that since 2011 it has spent more than USD 15 billion globally to invest in renewables, such as wind and solar, totalling some 23 GW.
(USD 1.0 = EUR 0.999)
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