KKR-Backed Serentica Outbids Blackstone for Statkraft's Solar Power Generation Business
Serentica Renewables, backed by KKR, has outbid Blackstone to acquire Statkraft's solar power generation business in India for an enterprise value of $220-250 million. This deal comes after months of negotiations, with both parties signing the agreement on Sunday. Statkraft's solar business in India comprises 1.5 gigawatts of operational and under-construction projects in Rajasthan, which will enhance Serentica's operational capacity to 1.5 GW. The acquisition will also support Serentica's plans to develop 17 GW of renewable energy capacity by 2030.
Key Takeaways:
- Serentica Renewables, backed by KKR, has outbid Blackstone to acquire Statkraft's solar power generation business in India for an enterprise value of $220-250 million.
- Statkraft's solar business in India comprises 1.5 gigawatts of operational and under-construction projects in Rajasthan.
- The acquisition will enhance Serentica's operational capacity to 1.5 GW and support its plans to develop 17 GW of renewable energy capacity by 2030.
- Statkraft will exit its India business as part of a global realignment to sharpen focus on its home market of Europe.
- Serentica is led by Pratik Agarwal of Vedanta group, and the company aims to develop renewable energy capacity in India.
- US investment giant Blackstone has recently turned its attention to renewable energy investments in India.
- India's commitment to global carbon emissions reduction targets is propelling state support for the renewable energy sector.
Statistics:
- Enterprise value of the acquisition: $220-250 million
- Total renewable energy capacity of Statkraft's India portfolio: 2 GW
- Annual operating profits from Statkraft's hydropower business: é 400 crore (approximately $52.6 million)
- Serentica's planned renewable energy capacity by 2030: 17 GW
- Statkraft's solar power business in India: 1.5 GW operational and under-construction projects
Sources:
- Financial Express: "Serentica Renewables outbids Blackstone to acquire Statkraft's solar power generation business in India"
- Economic Times: "Serentica Renewables in talks to buy Statkraft's solar power biz for $220-250 million"
- PR Newswire: "Serentica Renewables and Statkraft Announce Binding Agreement for the Sale of Statkraft's India Renewable Business"
- Statkraft's website: "Statkraft's Business Model"
- EY's website: "EY advises Statkraft on the disposal of its India business"
- Standard Chartered Bank's website: "Standard Chartered Bank advises Serentica on the acquisition of Statkraft's India business"