Image: Serentica Renewables

Global investment company KKR has announced it is investing $400 million (£346m) in Indian decarbonisation platform Serentica Renewables.

The latter company seeks to enable the energy transition by providing clean energy solutions for energy-intensive, hard-to-abate industries.

It includes renewable energy solutions through long term power purchase agreements (PPAs) and working closely with customers to design their paths to net zero electricity.

Serentica Renewables has currently entered into three long term PPAs and is in the process of developing around 1,500MW of solar and wind power projects across various states including Karnataka, Rajasthan and Maharashtra.

KKR sees renewables as core to its infrastructure strategy in the Asia Pacific region and seeks to invest in significant opportunities across the region.

Pratik Agarwal, Director of Serentica Renewables said: “We are happy to have a like-minded strategic partner in KKR who believes in our model of sustainable development. The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450GW by the year 2030. This investment will allow us to leap ahead in our vision of decarbonising large energy intensive industries and help in reversing climate change.

“This transaction is amongst the largest industrial decarbonisation investments in India to date and carries forward the global decarbonisation agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference).”