Latest news with #SerenticaRenewables
Time of India
6 days ago
- Business
- Time of India
Serentica Renewables secures over $100 million debt funding from Rabobank, Societe Generale
Serentica Renewables on Thursday said it has secured USD 100 million in debt financing from global financial institutions Rabobank and Societe Generale to support the development of a 300 MW solar power project in Rajasthan. Serentica Renewables, a leading Commercial & Industrial (C&I) focused renewable energy company in India, has announced the financial close of its second External Commercial Borrowing (ECB) financing, according to a company statement. This strategic project has been designed to supply green energy to Bharat Aluminium Company Limited (BALCO), one of India's leading aluminum producers and a subsidiary of the Vedanta Group, marking another significant step in decarbonising India's industrial sector, it stated. Akshay Hiranandani, CEO of Serentica Renewables, said, "It's a crucial step in our mission to provide reliable, clean energy solutions that empower industrial giants like BALCO to decarbonise, driving a greener and more sustainable future for the nation." "We are proud to partner again with Serentica and bring our structuring expertise to a project that will deliver strong, long-term, sustainable impact," said Amardeep Parmar, Head of Project Finance Asia, Rabobank. Live Events The company has achieved a significant milestone by reaching 1,000 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions. Backed by a USD 650 million investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, enabling the displacement of 47 million tons of CO₂ emissions.
Time of India
20-05-2025
- Business
- Time of India
Blackstone enters race for Statkraft's India exit
Blackstone, which has a $50 billion investment portfolio in India, has submitted a non-binding offer of $1.5 billion for Statkraft's local arm that houses a 2 gigawatt renewable energy generation portfolio, according to people aware of the matter. This is the first time Blackstone is evaluating a renewable energy acquisition in India, they said. It recently closed a global energy transition fund raising $5.6 billion. The offer has been approved by Norway-headquartered Statkraft's global board and competes with those from KKR-backed Serentica Renewables , Sembcorp and BlackRock, according to the people cited. All other contenders have sizable renewable energy generation investments in the country and are said to be equally poised in the race. A law firm will provide a due diligence report to the bidders this week. After that, they will submit final bids. Statkraft, Europe's largest renewable power firm, announced its intention to exit the India business in October last year, having entered the country in 2001. CEO Birgitte Ringstad Vardtal had said it was prioritising investments in Norway, Europe and South America. Blackstone declined to comment. Statkraft's India renewable energy generation assets are located in several states and its plants generate power from wind, water and sunlight. To provide options to potential suitors, the India unit is being sold in four packages, said sources. The first entails wind and solar power assets in Rajasthan with a 1.5 GW capacity. The second package comprises two operational hydro power plants at Malana and Allain Duhangan in Himachal Pradesh, both being 49:51 joint ventures with India's LNJ Bhilwara group. The third and fourth packages are single hydropower assets at Tidong in Himachal Pradesh and Kedarnath in Uttarakhand.
Economic Times
20-05-2025
- Business
- Economic Times
Blackstone enters race for Statkraft's India exit
Blackstone has made a $1.5 billion offer for Statkraft India. This marks Blackstone's first renewable energy acquisition evaluation in India. The offer competes with bids from KKR-backed Serentica Renewables, Sembcorp, and BlackRock. Statkraft is selling its India unit, which includes wind, solar, and hydropower assets, in four packages. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Blackstone, which has a $50 billion investment portfolio in India, has submitted a non-binding offer of $1.5 billion for Statkraft's local arm that houses a 2 gigawatt renewable energy generation portfolio, according to people aware of the matter. This is the first time Blackstone is evaluating a renewable energy acquisition in India, they said. It recently closed a global energy transition fund raising $5.6 offer has been approved by Norway-headquartered Statkraft's global board and competes with those from KKR-backed Serentica Renewables Sembcorp and BlackRock, according to the people cited. All other contenders have sizable renewable energy generation investments in the country and are said to be equally poised in the race.A law firm will provide a due diligence report to the bidders this week. After that, they will submit final Europe's largest renewable power firm, announced its intention to exit the India business in October last year, having entered the country in 2001. CEO Birgitte Ringstad Vardtal had said it was prioritising investments in Norway, Europe and South declined to comment. Statkraft's India renewable energy generation assets are located in several states and its plants generate power from wind, water and provide options to potential suitors, the India unit is being sold in four packages, said sources. The first entails wind and solar power assets in Rajasthan with a 1.5 GW capacity. The second package comprises two operational hydro power plants at Malana and Allain Duhangan in Himachal Pradesh, both being 49:51 joint ventures with India's LNJ Bhilwara group. The third and fourth packages are single hydropower assets at Tidong in Himachal Pradesh and Kedarnath in Uttarakhand.
Time of India
20-05-2025
- Business
- Time of India
Blackstone enters race for Statkraft's India exit
Blackstone has made a $1.5 billion offer for Statkraft India. This marks Blackstone's first renewable energy acquisition evaluation in India. The offer competes with bids from KKR-backed Serentica Renewables, Sembcorp, and BlackRock. Statkraft is selling its India unit, which includes wind, solar, and hydropower assets, in four packages. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Blackstone, which has a $50 billion investment portfolio in India, has submitted a non-binding offer of $1.5 billion for Statkraft's local arm that houses a 2 gigawatt renewable energy generation portfolio, according to people aware of the matter. This is the first time Blackstone is evaluating a renewable energy acquisition in India, they said. It recently closed a global energy transition fund raising $5.6 offer has been approved by Norway-headquartered Statkraft's global board and competes with those from KKR-backed Serentica Renewables Sembcorp and BlackRock, according to the people cited. All other contenders have sizable renewable energy generation investments in the country and are said to be equally poised in the race.A law firm will provide a due diligence report to the bidders this week. After that, they will submit final Europe's largest renewable power firm, announced its intention to exit the India business in October last year, having entered the country in 2001. CEO Birgitte Ringstad Vardtal had said it was prioritising investments in Norway, Europe and South declined to comment. Statkraft's India renewable energy generation assets are located in several states and its plants generate power from wind, water and provide options to potential suitors, the India unit is being sold in four packages, said sources. The first entails wind and solar power assets in Rajasthan with a 1.5 GW capacity. The second package comprises two operational hydro power plants at Malana and Allain Duhangan in Himachal Pradesh, both being 49:51 joint ventures with India's LNJ Bhilwara group. The third and fourth packages are single hydropower assets at Tidong in Himachal Pradesh and Kedarnath in Uttarakhand.
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Business Standard
16-05-2025
- Business
- Business Standard
Serentica plans ₹1 trn investment to boost capacity to 17 GW by 2030: CEO
Akshay Hiranandani talks about about Serentica's future roadmap, and the current market scenario Shine Jacob Chennai Listen to This Article Vedanta and KKR-backed Serentica Renewables is planning an ambitious capacity expansion by 2030. Chief executive officer (CEO) Akshay Hiranandani talks to Shine Jacob in Chennai about Serentica's future roadmap, and the current market scenario. Edited excerpts: We understand that you are working on projects of around 4 gigawatts (GW) in the renewables sector. What is the status? Currently, we're building about 4,000 megawatts (MW) of wind and solar projects across Rajasthan, Maharashtra, and Karnataka. We have a solid pipeline, including 3–4 GW more from both government contracts and new power purchase agreements (PPAs). As these PPAs move into execution, we
