Green energy firm Serentica secures $250 mn from KKR

Serentica Renewables, a company backed by Sterlite Power, has raised $250 million from investment firm KKR in its second round of funding. This brings the same investor’s total equity agreement to $650 million. Serentica plans to provide commercial and industrial consumers with a round-the-clock renewable power supply. The company has signed contracts worth ~8,000 crores with equipment manufacturers and EPC contractors for solar equipment and has tied-up 1,600 MW of installed capacity. In the third phase of its plan, Serentica will focus on industries such as export-focused ones, data centers, and potentially pharma companies. The company has not started supply yet, and the first electricity supply is expected in the first quarter of the next financial year. Serentica will provide round-the-clock green power through multiple generation technologies and locations, multiple storage technologies, and via the National Grid. The company has agreed with Greenko to source 1,500 MW from its pumped storage projects.