Mumbai : Serentica Renewables, India’s largest decarbonization platform for C&I and utility customers, has signed binding agreements with Norway based Statkraft to acquire their Indian solar business.

Statkraft’s Indian solar business comprises of 445 MWp operational solar plant at Bikaner and 1 GWp of development assets across Rajasthan. The portfolio is strategically located in resource rich states and is currently supplying power on a merchant basis. These assets will be transitioned to serve Serentica’s C&I customers on a round-the-clock basis, thereby offsetting an estimated ~0.6 Mn tonnes of CO2 annually.

The acquisition will grow Serentica’s operating portfolio to 1.5 GW keeping the company on course to achieving its target of 17 GW by 2030. The completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals, if any.

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

Commenting on the development, Pratik Agarwal, Chairman, 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, Statkraft, said,“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.”