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Serentica, BlackRock, and Sembcorp Emerge Front-Runners in Statkraft India Acquisition Race

KKR-backed Serentica Renewables, BlackRock, and Sembcorp have emerged as the top contenders to acquire Statkraft’s India business, with each submitting non-binding offers ranging from $1.2 to $1.5 billion. Their bids are for Statkraft India’s entire 2 GW renewable portfolio, which includes wind, hydro, and solar assets across several Indian states. This full-portfolio approach gives them a competitive edge over others like JSW Neo Energy, Torrent Power, and Jindal Power, who have either bid lower or shown interest only in parts of the business.

The Norwegian state-owned Statkraft is divesting from India as it shifts its investment focus to Norway, Europe, and South America. The Indian operations are being offered in four packages, with assets such as 1.5 GW of wind and solar in Rajasthan and several hydropower plants in Himachal Pradesh and Uttarakhand, including the Tidong and Kedarnath projects.

The bidders will proceed to the due diligence stage, with Statkraft’s global board having already screened the offers. A legal firm is preparing a detailed due diligence report, following which final binding bids will be submitted.

Statkraft entered the Indian market in 2001 and is now exiting to realign its strategic priorities. The high interest from major global and domestic players underscores the value and potential of India’s renewable energy sector despite a challenging M&A environment.