Serentica signs binding agreement to acquire Statkraft’s Indian solar portfolio

Core Insights - Serentica Renewables has entered into binding agreements to acquire Statkraft's Indian solar business, which includes a 445MWp operational solar plant and 1GWp of development assets, increasing Serentica's operating portfolio to 1.5GW and supporting its goal of reaching 17GW by 2030 [1][2][6] Group 1: Acquisition Details - The acquired portfolio is located in resource-abundant states of India and supplies power on a merchant basis, transitioning to provide continuous service to commercial and industrial clients, reducing CO₂ emissions by approximately 0.6 million tonnes annually [2][6] - Statkraft, a leading renewable energy producer in Europe, expressed satisfaction with the transaction, highlighting Serentica's growth and ambitions in the renewable energy sector [3][4] Group 2: Transaction Advisors and Conditions - Standard Chartered Bank acted as the buy-side transaction advisor, while Ernst & Young served as the exclusive sell-side banker for Statkraft, with legal counsel provided by Khaitan & Co. and Cyril Amarchand Mangaldas [4][5] - The completion of the transaction is contingent upon meeting certain conditions and obtaining necessary regulatory approvals [5] Group 3: Future Plans and Commitments - Serentica Renewables aims to deliver over 50 billion units of clean energy annually, supported by a $650 million investment from KKR, facilitating a reduction of 47 million tonnes of CO₂ emissions [7]