Serentica buys Statkraft's India solar power biz

Serentica Renewables has acquired Statkraft's solar power generation business in India, the two companies said in a joint press release on Monday without divulging financial details.

ET had first reported in its Monday edition that KKR-backed Serentica Renewables had outbid Blackstone to acquire 1.5 gigawatts of Statkraft's solar power generation assets in Rajasthan for an enterprise value of around $220-$250 million.

"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," said Pratik Agarwal, chairman, Serentica Renewables.

Statkraft, which is Europe's largest renewable power, is exiting India as part of a global realignment where it will focus more on its home market.

Standard Chartered Bank acted as transaction advisor along with Khaitan & Co. as the legal advisor to Serentica Renewables. Ernst & Young LLP acted as the exclusive M&A banker to Statkraft, with Cyril Amarchand Mangaldas acting as its legal advisors.