Statkraft, Europe's largest producer of renewable energy, has signed an agreement to sell parts of its renewable energy portfolio in India to Serentica Renewables. The transaction involves a portfolio with a total capacity of around 1.5 GWp located in the state of Rajasthan.

Portfolio Details and Assets

The agreement includes the Khidrat 445 MWp solar plant, which began operating earlier this year. Additionally, the portfolio features a pipeline of solar and wind projects at various stages of development with an estimated capacity of 1000 MWp, all located in Rajasthan state. The transaction's closing remains contingent on the fulfillment of conditions precedent and any necessary regulatory approvals.

Executive Statements on the Transaction

Fernando de Lapuerta, Executive Vice President International in Statkraft, expressed satisfaction with the deal. “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,” de Lapuerta stated.

Pratik Agarwal, Chairman of Serentica Renewables, commented on the acquisition's strategic importance. “This acquisition accelerates Serentica's journey in becoming a leading contributor to India's renewable energy transition. By integrating Statkraft's high-quality assets with our growth platform, we are strengthening our ability to deliver round-the-clock green power at scale and unlocking long-term value for all our stakeholders,” Agarwal said.

Strategic Realignment and Market Focus

Statkraft announced plans to divest its India portfolio last year as part of a strategic shift to focus the company's investments on select markets in Europe and South America. This realignment aims to build scale and strengthen the company's competitiveness in these core regions. De Lapuerta explained the broader strategic rationale:

“Statkraft remains committed to play a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact.”

Company Backgrounds and Market History

The Norwegian state-owned renewables company Statkraft entered the Indian market through its ownership in the joint venture SN Power in 2004. SN Power holds the distinction of being the first foreign investor in India's hydropower sector. Over two decades, Statkraft built a diversified renewable energy portfolio that included solar, wind, and hydro assets, along with power trading operations across multiple states in India.

Serentica Renewables, established in 2022, operates as a leading Indian renewable independent power producer with a commitment to decarbonizing hard-to-abate industries by providing firm dispatchable renewable energy solutions. The company has achieved a significant milestone by reaching 1,000 MW of renewable energy capacity, with ongoing projects across multiple states.

Serentica's operations leverage a mix of solar, wind, energy storage, and advanced balancing solutions. The company is backed by a USD 650 million investment from KKR and aims to supply over 50 billion units of clean energy annually, which would enable the displacement of 47 million tons of CO2 emissions.

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