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Serentica Renewables to Acquire 1.45 GW Solar Portfolio from Statkraft in Rajasthan

Serentica Renewables, an independent power producer, has signed binding agreements to acquire Statkraft’s 445 MW operational solar project in Bikaner along with 1 GW of solar projects under development in Rajasthan. These assets, currently supplying power on a merchant basis, will be transitioned to cater to Serentica’s commercial and industrial (C&I) customers with round-the-clock renewable power solutions.

This acquisition will expand Serentica’s operating portfolio to 1.5 GW, supporting its long-term goal of achieving 17 GW of capacity by 2030. To strengthen its offerings, Serentica plans to integrate these projects with wind and storage systems, enabling reliable, 24x7 green power delivery.

The deal is subject to regulatory approvals and fulfillment of standard conditions. Standard Chartered Bank and Khaitan & Co. advised Serentica, while Ernst & Young and Cyril Amarchand Mangaldas represented Statkraft.

For Statkraft, this move is part of its broader India exit strategy, following its recent divestment of a 49% stake in Malana Power Company (278 MW hydropower assets) to LNJ Bhilwara Group. Statkraft aims to focus its capital on core markets in Europe and South America for long-term competitiveness. This transaction also reflects the strong momentum in India’s solar M&A market, which saw 50 deals in 1H 2025, compared to 40 in the same period in 2024.