Statkraft Partners with Serentica for Renewable Energy Growth
Statkraft Collaborates to Enhance Renewable Energy Portfolio
Statkraft, recognized as Europe's leading producer of renewable energy, has come together with Serentica Renewables to expand its renewable energy portfolio in India. The agreement signifies an important step in a shared commitment to furthering sustainable energy solutions.
Details of the Agreement
This significant partnership involves a portfolio showcasing a total capacity of approximately 1.5 GWp in a specific region, including the notable Khidrat solar plant, which operationalized earlier this year. Additionally, it comprises a pipeline of solar and wind projects at various development stages with an estimated capacity of 1000 MWp. The closure of this transaction is contingent upon fulfilling necessary regulatory approvals and certain conditions.
Comments from Statkraft Leadership
Fernando de Lapuerta, Statkraft's Executive Vice President International, expressed satisfaction with the partnership: "We are pleased with this transaction. Serentica Renewables exemplifies a forward-moving renewable energy company with ambitious goals. We believe they are well-equipped to manage and enhance these assets, playing a vital role in India's transition to green energy and offering new prospects for our talented workforce as well.”
Serentica’s Vision in Renewable Energy
Pratik Agarwal, Chairman of Serentica Renewables, shared insights on the acquisition, stating: “This purchase marks a significant leap for Serentica in becoming a major player in India’s renewable energy landscape. The integration of Statkraft’s superior assets into our growth framework empowers us to generate round-the-clock green power at scale and create long-term value for our stakeholders.”
Strategic Shift for Statkraft
Earlier plans revealed Statkraft's intent to divest from its Indian operations, shifting investments towards select European and South American markets. The aim is to build scale, enhance competitiveness, and focus resources on operations that hold a greater potential for impactful energy solutions.
The Future of Statkraft
Despite these changes, Statkraft remains resolute in its commitment to being a crucial participant in the global energy transition. By reallocating resources to core markets, Statkraft aspires to create significant value and foster impactful advancements in renewable energy.
Seniority and Experience in India
Statkraft's journey in India began in 2004 with its stake in the joint venture SN Power, marking it as the first international investor in India's hydropower sector. Over the years, the company has developed a diverse renewable energy portfolio, which includes solar, wind, and hydropower across various Indian states.
About Serentica Renewables
Founded in 2022, Serentica Renewables has quickly emerged as a prominent independent power producer within India’s renewable sector. Their focus is on decarbonizing challenging industries through reliable renewable energy solutions. With significant traction already achieved, including reaching a 1,000 MW renewable energy capacity, the company is adapting a multi-state operational approach that combines solar, wind, and energy storage technologies, aiming to deliver over 50 billion units of clean energy annually, thereby curbing an impressive 47 million tons of CO? emissions.
Contact Information
For additional inquiries, please reach out to:
Marte Lerberg Kopstad, International Media Relations Lead, Statkraft AS
Telephone: +47 995 22 026
E-mail: martelerberg.kopstad@statkraft.com
Frequently Asked Questions
What is the main outcome of the Statkraft and Serentica agreement?
The agreement enables Serentica to enhance its renewable energy capacity significantly, particularly with Statkraft’s established assets in India.
How much renewable energy capacity is involved in this deal?
The transaction involves a total capacity of around 1.5 GWp, including both operational and pipeline projects.
What role does Statkraft play in renewable energy?
Statkraft is a pivotal player in renewable energy production, focusing on hydropower, wind, and solar through innovative strategies.
When was Serentica Renewables established?
Serentica Renewables was established in 2022 and has quickly positioned itself as a leader in India's renewable energy market.
Why is this acquisition significant for Serentica?
This acquisition is crucial for Serentica as it positions the company to deliver substantial amounts of reliable green energy, supporting its growth ambitions.
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