Serentica Renewables, India’s largest decarbonization platform for commercial, industrial, and utility customers, has signed binding agreements to acquire the Indian solar business of Norway-based Statkraft. The acquisition marks a significant step in Serentica’s efforts to expand its renewable energy footprint and accelerate the country’s energy transition.
Statkraft’s Indian solar portfolio includes a 445 MWp operational solar plant in Bikaner and 1 GWp of development assets across Rajasthan. These assets, located in resource-rich states, are currently supplying power on a merchant basis. Following the acquisition, Serentica plans to transition the portfolio to serve its commercial and industrial customers with round-the-clock power solutions, expected to offset approximately 0.6 million tonnes of CO2 annually.
The deal will increase Serentica’s operating portfolio to 1.5 GW, bringing it closer to its target of 17 GW by 2030. The transaction’s completion remains subject to the fulfilment of conditions precedent and regulatory approvals.
Standard Chartered Bank served as the buy-side transaction advisor, supported by legal counsel from Khaitan & Co. Ernst & Young LLP acted as the exclusive sell-side M&A banker for Statkraft, with Cyril Amarchand Mangaldas providing legal advisory services.
Pratik Agarwal, Chairman of 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 at Statkraft, expressed confidence in the partnership, stating, “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.”
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