Serentica Renewables, India’s largest decarbonisation platform for commercial, industrial and utility customers, has signed binding agreements with Norway-based Statkraft to acquire its Indian solar business, marking a significant consolidation in the country’s renewable energy sector.
The deal covers Statkraft’s 445 MWp operational solar plant in Bikaner and a pipeline of 1 GWp of development assets across Rajasthan. Currently supplying power on a merchant basis, the portfolio will be integrated into Serentica’s system to provide round-the-clock renewable energy to its C&I customers. The transition is expected to offset approximately 0.6 million tonnes of CO₂ emissions annually.
With this acquisition, Serentica’s operating capacity will increase to 1.5 GW, strengthening its trajectory toward achieving its ambitious target of 17 GW by 2030. Completion of the transaction remains subject to regulatory approvals and other closing conditions.
Advisors on the deal included Standard Chartered Bank as the buy-side transaction advisor, with Khaitan & Co. as legal counsel. Ernst & Young LLP acted as the exclusive sell-side M&A banker to Statkraft, supported by legal advisors Cyril Amarchand Mangaldas.
Commenting on the acquisition, Pratik Agarwal, Chairman of Serentica Renewables, said, “Serentica Renewables is committed to the energy transition goals of India, and this acquisition is one more step in furthering that vision. By integrating this asset with wind and storage systems we will be able to provide a faster round-the-clock solution to our largest clients.”
Fernando de Lapuerta, Executive Vice President International at Statkraft, added, “We are very pleased with this transaction. Serentica Renewables is a fast-growing renewable energy company with high ambitions. We are confident that they will continue to operate and develop these assets with competence and commitment, contributing to India’s green energy transition. I am also glad that this offers new opportunities for our competent employees following the transaction.”
The acquisition underscores growing momentum in India’s renewable energy market, as companies scale up portfolios to meet both corporate demand and national clean energy targets.
