Norway’s state-owned energy company Statkraft has signed an agreement to divest approximately 1.5 gigawatts (GW) of renewable energy assets in India to Serentica Renewables, as part of its strategy to focus on core markets in Europe and South America.
The transaction includes the 445 megawatt (MW) Khidrat solar plant in Rajasthan, which began operations earlier this year, as well as a development pipeline of solar and wind projects totaling around 1,000MW. Completion of the deal remains subject to customary conditions precedent and regulatory approvals.
“We are very pleased with this transaction. Serentica Renewables is a fast-growing renewable energy company with high ambitions,” said Fernando de Lapuerta, Statkraft’s Executive Vice President International. “We are confident that they will continue to operate and develop these assets with competence and commitment, contributing to India’s green energy transition.”
The agreement follows Statkraft’s announcement last year that it would exit its Indian portfolio to reallocate capital toward higher-priority regions. The company first entered India in 2004 through a joint venture with SN Power, which was the first foreign investor in the country’s hydropower sector.
“Statkraft remains committed to play a significant role in the global energy transition. By reallocating capital to core markets in Europe and South America, we are positioning ourselves to deliver even greater value creation and impact,” de Lapuerta added.
For Serentica, the acquisition aligns with its broader plans to expand renewable capacity across India. The company, founded in 2022 and backed by a $650 million investment from global investment firm KKR, has a pipeline exceeding 1,000MW and targets supplying over 50 billion units of clean energy annually.
“This acquisition accelerates Serentica’s journey in becoming a leading contributor to India’s renewable energy transition,” said Pratik Agarwal, Chairman of Serentica Renewables. “By integrating Statkraft’s high-quality assets with our growth platform, we are strengthening our ability to deliver round-the-clock green power at scale and unlocking long-term value for all our stakeholders.”
