Statkraft signs agreement to sell renewable energy projects in India to Serentica Renewables

The agreement with Serentica Renewables includes a portfolio with a total capacity of around 1.5 GWp in the state of Rajasthan: The Khidrat 445 MWp solar plant which went into operation earlier this year, and a pipeline of solar and wind projects in different stages of development with an estimated capacity of 1000 MWp. Closing of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals, if any. 

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

Commenting on the development, Pratik Agarwal, Chairman, Serentica Renewables, said: “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.” 

Statkraft announced plans to divest its India portfolio last year, focusing the company’s investments on select markets in Europe and South America to build scale and strengthen its competitiveness.  

“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,” says de Lapuerta. 

The Norwegian state-owned renewables company Statkraft entered the Indian market through its ownership in the joint venture SN Power in 2004. SN Power was the first foreign investor in the country’s hydropower sector. Over two decades, Statkraft built a diversified renewable energy portfolio, including solar, wind, and hydro assets and power trading across multiple states in India.

Established in 2022, Serentica Renewables is a leading Indian renewable independent power producer committed 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, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions. 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.