Serentica Renewables plans to raise between $6bn and $8bn over the next five years to support acquisitions and new-build projects as it moves to more than double its clean energy capacity, according to a report by Reuters citing chairman Pratik Agarwal.
The India-based company, backed by KKR, aims to invest $10bn to $11bn to expand its portfolio to 17GW by 2029/30. Serentica currently operates 2GW of solar and wind assets and expects another 2GW to come online in the next 10 months.
Agarwal says the first $3bn phase of the programme is fully funded, while a second $2bn phase is partly financed with discussions ongoing. The firm is evaluating opportunities across the 3GW to 5GW of operational and under-construction projects currently for sale in India, describing its approach as opportunistic and value-based.
