Outbidding Blackstone, Serentica will purchase Statkraft’s solar assets in India, expanding its renewable energy footprint.
Serentica Renewables, backed by US private equity giant KKR, will acquire Statkraft’s solar business in India in a deal valued between $220 million and $250 million, according to people aware of the matter. The transaction, which outbid rival Blackstone, underscores growing investor appetite for renewable assets in India.
The sale involves Statkraft’s six operational solar assets totalling 320 megawatts (MW) across states including Telangana, Karnataka and Rajasthan. Statkraft, Europe’s largest renewable producer, will continue operating its wind businesses in India.
Advised by investment bank Rothschild, Statkraft invited bids earlier this year. Non-binding offers were submitted by KKR-backed Serentica, Blackstone and JSW Neo Energy. Final bids were received in July, with Serentica emerging as the preferred buyer.
Founded by Pratik Agarwal of Sterlite Power, Serentica was launched in 2022 and is focused on supplying renewable energy to industrial consumers. It has already partnered with KKR, which committed $650 million in funding.
India is aggressively pushing clean energy adoption, targeting 500 gigawatts (GW) of renewable capacity by 2030. With solar among the fastest-growing segments, private equity interest has intensified.
This acquisition strengthens Serentica’s portfolio while enabling Statkraft to focus on core operations. Financial details of the final binding agreement remain undisclosed.
