Statkraft, Europe’s largest producer of renewable energy, has signed an agreement to sell part of its Indian renewable energy portfolio to Serentica Renewables.
The deal covers around 1.5 GWp of capacity in Rajasthan, including the 445MWp Khidrat solar plant, which began operating earlier this year, as well as a pipeline of solar and wind projects under development with an estimated capacity of 1,000MWp.
The transaction is subject to conditions precedent and any necessary regulatory approvals.
Fernando de Lapuerta, Executive Vice President International at Statkraft, commented:
“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.”
Pratik Agarwal, Chairman of 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 Indian portfolio in 2024 as part of a strategy to concentrate investments in Europe and South America, aiming to build scale and enhance 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,” de Lapuerta added.
The Norwegian state-owned company entered India in 2004 via a stake in joint venture SN Power, the first foreign investor in the country’s hydropower sector.
Over two decades, Statkraft developed a mix of solar, wind, and hydro assets, along with power trading operations across several states.
Founded in 2022, Serentica Renewables focuses on providing firm, dispatchable renewable energy to decarbonise hard-to-abate industries and recently surpassed 1,000MW of capacity.
