Serentica to Acquire Indian Solar Business from Statkraft

15th Sep 2025

New Delhi, 15 September 2025 Serentica Renewables, India’s largest decarbonization platform for C&I and utility customers, has signed binding agreements with Norway based Statkraft to acquire their Indian solar business.

Statkraft’s Indian solar business comprises of 445 MWp operational solar plant at Bikaner and 1 GWp of development assets across Rajasthan. The portfolio is strategically located in resource rich states and is currently supplying power on a merchant basis. These assets will be transitioned to serve Serentica’s C&I customers on a round-the-clock basis, thereby offsetting an estimated ~0.6 Mn tonnes of CO2 annually.

The acquisition will grow Serentica’s operating portfolio to 1.5 GW keeping the company on course to achieving its target of 17 GW by 2030. The completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals, if any.

Standard Chartered Bank acted as the buy-side transaction advisor along with Khaitan & Co. as the legal advisor. Ernst & Young LLP acted as the exclusive sell-side M&A banker to Statkraft, with Cyril Amarchand Mangaldas acting as the legal advisors.

Commenting on the development, Pratik Agarwal, Chairman, Serentica Renewables, said, “Serentica renewables is committed to the energy transition goals of India, and this acquisition is one more step in furthering that vision. By integrating this asset with wind and storage systems we will be able to provide a faster round-the-clock solution to our largest clients.”

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

About Serentica Renewables

Established in 2022, Serentica Renewables is a leading renewable independent power producer (IPP) committed to decarbonizing hard-to-abate industries by providing firm dispatchable renewable energy (FDRE) solutions. With a vision to make renewables the primary energy source across India’s energy landscape, Serentica is driving large-scale decarbonization & contributing to the nation’s broader goals, including through government tenders. The company has achieved a significant milestone by reaching 1,000 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions. Serentica’s innovative approach ensures reliable and cost-effective green power for its growing customer base, which includes some of India’s largest energy-intensive industries. Backed by a $650 million investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, enabling the displacement of 47 million tons of CO₂ emissions. With a strong pipeline of projects under development, the company is at the forefront of India’s energy transition, deploying cutting-edge technology and innovative contractual structures to accelerate the shift to sustainable power.

About Statkraft

Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has around 7,000 employees in more than 20 countries.

For more details, please visit www.serenticaglobal.com

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