Statkraft has signed an agreement to sell parts of its renewable energy portfolio in India to Serentica Renewables. The agreement includes a portfolio with a total capacity of around 1.5 GWp in the state of Rajasthan, the Khidrat 445 MWp solar plant which went into operation earlier this year, and a pipeline of solar and wind projects in different stages of development with an estimated capacity of 1000 MWp. Closing of the transaction is subject to the fulfilment of conditions precedent, and necessary regulatory approvals, if any.
Statkraft announced plans to divest its India portfolio last year, focusing the company’s investments on select markets in Europe and South America to build scale and strengthen its competitiveness.
“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,” said Fernando de Lapuerta, executive VP International at Statkraft.
Norwegian state-owned renewables company Statkraft entered the Indian market through its ownership in the joint venture SN Power in 2004. SN Power was the first foreign investor in the country’s hydropower sector. Over two decades, Statkraft built a diversified renewable energy portfolio, including solar, wind, and hydro assets and power trading across multiple states in India.
Established in 2022, Serentica Renewables is a leading Indian renewable independent power producer committed to decarbonising hard-to-abate industries by providing firm dispatchable renewable energy solutions. The company has achieved a significant milestone by reaching 1000 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions.
