New Delhi: KKR-backed Serentica Renewables has outbid Blackstone to acquire the solar power generation business of Norwegian state-owned Statkraft in India for an enterprise value of $220–250 million (₹1,942–2,207 crore). The agreement was signed on Sunday, and a formal announcement is expected soon.
The acquisition includes 1.5 GW of operational and under-construction solar projects in Rajasthan, internally referred to by Statkraft as the Foxtrot special purpose vehicles. Statkraft is selling these assets as part of a global restructuring to sharpen focus on its European markets, where it remains the largest supplier of renewable energy. Alongside its solar assets, Statkraft has also put hydropower projects in Himachal Pradesh and Uttarakhand on the block, which have drawn bids from JSW Neo Energy, Adani Green Energy, and Torrent Power.
Serentica’s purchase will enhance its operational capacity by 1.5 GW, supporting its plan to build 17 GW of renewable energy capacity by 2030. The company is led by Pratik Agarwal of the Vedanta Group, who also oversees Sterlite Electric, a transmission equipment manufacturer, and Resonia, which focuses on power transmission infrastructure.
Statkraft’s India portfolio currently totals about 2 GW of renewable capacity. It recently sold its stake in Malana Power Company to the LNJ Bhilwara Group, which housed two hydropower projects. The company follows a distinctive model of avoiding long-term power purchase agreements, preferring instead to sell electricity on the spot market or through short-duration contracts. Its hydropower business generates roughly ₹400 crore annually in operating profits, though financial details of the solar segment remain undisclosed.
The acquisition highlights rising deal activity in India’s renewable energy sector. Blackstone, which has recently turned its attention to green investments, had also bid for Statkraft’s assets. Other recent transactions include JSW Neo’s purchase of O2 Power and Inox Clean Energy’s acquisition of Evergreen Power’s India portfolio. Clean energy adoption in India continues to grow, driven by cost competitiveness, corporate decarbonisation goals, and the country’s commitment to global emission reduction targets.
EY is advising Statkraft on the India exit, while Standard Chartered Bank is advising Serentica on the acquisition.
