Statkraft has signed an agreement to divest renewable energy assets totalling 1.5GW in India to Serentica Renewables.
The deal covers the 445MW Khidrat solar plant in Rajasthan, which entered operation earlier this year, and a pipeline of solar and wind projects under development with about 1000MW of capacity.
Statkraft said completion of the transaction is subject to conditions precedent and any necessary regulatory approvals.
Executive vice president international Fernando de Lapuerta said: “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.”
He added that the deal “offers new opportunities for our competent employees following the transaction”.
Serentica chairman Pratik Agarwal 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 last year to divest its Indian portfolio in order to concentrate investments in Europe and South America.
De Lapuerta said: “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.”
The company entered India in 2004 through joint venture SN Power, which was the first foreign investor in the country’s hydropower sector. It went on to build a portfolio of solar, wind and hydro assets and power trading operations across multiple states.
Serentica was founded in 2022 and is backed by a $650m investment from KKR. The company has reached 1000MW of capacity with projects under development in several states and aims to supply more than 50 billion units of clean energy annually.