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KKR-Backed Serentica Acquires Statkraft’s India Solar Business for $220–250 Million

Serentica Renewables, backed by KKR, has finalized the acquisition of Statkraft’s solar power generation business in India for an enterprise value of $220–250 million (Rs1,942–2,207 crore). The deal, signed recently, enhances Serentica’s operational capacity to 1.5 GW, strengthening its position in India’s rapidly growing renewable energy sector. The assets include 1.5 GW of operational and under-construction solar projects in Rajasthan, offered by Statkraft as part of a broader exit from its India portfolio. Statkraft, owned by the Norwegian government, is divesting its Indian renewables business—including solar, wind, and hydro projects— to refocus on its core European market.

The acquisition follows a competitive bidding process involving major players such as Blackstone, Adani Green Energy, JSW Neo Energy, and Torrent Power, with Serentica emerging as the top bidder. EY advised Statkraft on the sale, while Standard Chartered advised Serentica. This transaction aligns with Serentica’s broader ambition to develop 17 GW of renewable energy capacity by 2030.

Statkraft’s India portfolio totals 2 GW across solar, wind, and hydro. In parallel, the company has begun selling its hydropower assets, including its stake in Malana Power Company to LNJ Bhilwara Group. The deal highlights the increasing pace of consolidation in India’s clean energy sector, as global investors and domestic companies expand to meet rising demand and decarbonization goals.