Serentica To Acquire Statkraft’s India Portfolio
Decarbonization platform Serentica Renewables is all set to acquire Norway-based Statkraft’s Indian solar business for an estimated enterprise value of ₹1942-2,204 crore ($220-250 million).
Serentica announced that it has signed binding agreements with Statkraft to take over its solar businesses in Rajasthan. This includes a 445 MW solar power plant in Bikaner and a further 1 GW of wing and solar projects under development across Rajasthan. Currently the power generated from the portfolio is sold directly in wholesale market on a merchant basis. Serentica plans to pivot this to serve its commercial and industrial customers on a round-the-clock basis. In doing so, Serentica estimates around 0.6 million tonnes of CO2 will be saved annually.
Serentica currently has an operating portfolio of 1.5 GW and a target of achieving 17 GW by 2030. Its acquisition of Statkraft will go towards growing its operating portfolio.
The deal was aided by Standard Chartered Bank and Khaitan & Co as transaction and legal advisors, and Ernst & Young LLP and Cyril Amarchand Mangaldas as M&A and legal advisors respectively.
Commenting on the development, Pratik Agarwal, Chairman, Serentica Renewables, said, “Serentica renewables is committed to the energy transition goals of India, and this acquisition is one more step in furthering that vision. By integrating this asset with wind and storage systems we will be able to provide a faster round-the-clock solution to our largest clients.”
Statkraft had announced its plan to divest its India portfolio last year, choosing to focus on the company’s investments in select markets in Europe and South America to build scale and strengthen its competitiveness.
Executive Vice President International, Statkraft, Fernando de Lapuerta added, “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. I am also glad that this offers new opportunities for our competent employees following the transaction.”
Both companies said that closing of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals, if any.
