Global investment firm KKR has signed an agreement to invest $400 million in the decarbonisation platform Serentica Renewable.

A statement on Tuesday said the two entities had signed a definitive agreement for this, under which KKR will invest $400 million in Serentica Renewable.

“This deal is one of India’s largest industrial decarbonisation investments to date and advances the global decarbonisation agenda, which is centre stage at COP27 (United Nations Climate Change Conference 2022),” said Pratik Agarwal, Director, Serentica Renewables.

Serentica wants to provide 24/7 clean energy solutions to large energy-intensive industrial customers. This includes delivering renewable energy solutions through long-term power purchase agreements and working closely with customers to design pathways to net-zero electricity.

The company has signed three long-term power purchase agreements and is developing around 1,500 MW of solar and wind energy projects in various states, including Karnataka, Rajasthan and Maharashtra.

Serentica’s medium-term goal is to install 5,000 megawatts of carbon-free power generation capacity and different storage technologies to provide more than 16 billion units of clean energy annually, replacing 20 million tons of carbon dioxide emissions.

Serentica Renewables was established in 2022 and is 100% owned by Twinstar Overseas Ltd, which also has a controlling interest in Sterlite Power Transmission & Sterlite Technologies.

Standard Chartered acted as Serentica’s sole financial advisor in this deal. KKR invests through its Asia Pacific infrastructure strategy. The Serentica deal marks KKR’s latest investment in India and renewable energy.

It said KKR had deployed more than $15 billion in equity globally since 2011 to invest in renewable assets such as solar and wind, with an operating capacity of 23 gigawatts as of December 31, 2021.