Global investment firm KKR has partnered with Serentica Renewables, a newly established division of Sterlite Power Transmission, to develop a new energy platform that will assist large industrial clients in their efforts to reduce their carbon footprint, the two parties said in a statement on Tuesday.
The platform will get $400 million from KKR for an undisclosed equity stake, and $100 million from Sterlite Group firms. Anil Agarwal of the Vedanta Group's family trust's holding company, Volcan Investments Ltd. in the Bahamas, owns Twinstar Overseas Limited, which is controlled by Serentica Renewables.
In September, Serentica was established with the goal of offering 24/7 clean energy solutions to the commercial and industrial sector, which uses more than 50% of the electricity produced in India. According to the company, Serentica combines solar, wind, energy storage, and balancing solutions to deliver guaranteed sustainable energy.
In order to provide a new approach, Serentica intends to create a renewable generation SPV specifically for each client. The customer would invest up to 26% and sign a long-term PPA, which would satisfy their need for green energy.
Serentica is in the process of creating 1,500 MW of solar and wind power projects throughout several states, including Karnataka, Rajasthan, and Maharashtra, and currently has three long-term PPAs. The Vedanta Group's different enterprises will receive close to 600MW of clean energy round-the-clock from a significant portion of this capacity.
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