KKR-Backed Serentica Plans Massive $8 Billion Raise for India Green Energy Push

Serentica Renewables is preparing to raise $6-8 billion over the next 5 years as it works on expanding its clean energy operations, as per the news reports.  

The funding will support project development and selective acquisitions. The company has set a target of reaching 17 GW of capacity by 2029/30. 

Present Capacity and Upcoming Projects 

Serentica currently runs 2 GW of installed solar and wind assets. Another 2 GW is scheduled to come online within the next 10 months. The firm is also examining opportunities in the secondary market, where 3-5 GW of projects in India are currently available for sale. 

Investment Requirements and Funding 

The overall expansion is expected to require $10-11 billion. The first phase, about $3 billion, already has full funding in place. The 2nd phase, around $2 billion, is partly funded, with the remaining amount under discussion.  

The company is considering both greenfield development and the purchase of operational or under-construction assets. 

Wider Industry Context 

India continues to add renewable energy capacity as part of its goal to reach 500 GW of non-fossil-based power by 2030. Multiple solar and wind projects are in progress across several states. The increase in new projects has also placed added pressure on the country’s grid network, pushing the need for transmission upgrades. 

Resonia’s Planned Commitments 

Resonia, formed after the restructuring of Sterlite Power, is planning annual investments of $1.5-2.5 billion in transmission infrastructure. Supported by Singapore’s GIC, the company plans to secure $2-3 billion worth of new transmission projects each year.  

India is expected to award $14-16 billion in transmission contracts over the next few years to keep pace with rising renewable additions. 

Read More: India's Green Transition Could Unlock $4.1 Trillion in Investment and Create 48 Million Jobs by 2047: CEEW Study! 

Conclusion 

Serentica’s proposed investments sit within the national pipeline of clean energy and grid infrastructure projects. India is set to issue large transmission and generation contracts over the next several years. 

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