Serentica Renewables Funding, Investors & Competitors

Serentica Renewables has raised $650M across 2 funding rounds, most recently a $250M undisclosed-stage round in May 2023.

Last Serentica Renewables funding round

$250M

Undisclosed stage · May 2023

Cumulative funding Serentica Renewables raised

$650M

across 2 funding rounds

Key investors in Serentica Renewables

Serentica Renewables Overview

About Serentica Renewables

Serentica Renewables is a Mumbai-headquartered provider of integrated renewable energy solutions for commercial and industrial sectors in India. The company develops utility-scale solar parks, onshore wind farms, battery energy storage systems, and hybrid projects exceeding 1 GW capacity. Backed by Shell and Actis, Serentica delivers decarbonization services including power purchase agreements and round-the-clock green energy supply to energy-intensive industries.


Founded

2022

HQ

IndiaGurgaon

Status

Privately held

Customer focus

B2B

Revenue model

Usage-based

Serentica Renewables Funding History

Serentica Renewables has raised a total of $650M across 2 funding rounds.

Serentica Renewables' first fundraising round was a $400M undisclosed-stage round in November 2022. The most recent completed round was a $250M undisclosed-stage round in May 2023.

Serentica Renewables funding rounds

Serentica Renewables funding rounds
DateStageInvestorsRaisedDeal Summary
May 2023Undisclosed stageKKR (lead)$250MSerentica Renewables is a decarbonization platform providing complex clean energy solutions, including solar and wind projects, to energy-intensive industries via long-term power purchase agreements (PPAs). KKR invested $400 million in November 2022 from its Asia Pacific Infrastructure strategy, followed by an additional $250 million announced on May 1, 2023, bringing total commitments to $650 million. This funding supports scaling to 4,000 MW of renewable capacity for large-scale industrial customers across states like Rajasthan, Karnataka, and Maharashtra. The investments enable Serentica to accelerate decarbonization efforts, with plans to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tonnes of CO2 emissions. As of recent updates, the company has about 2 GW of installed solar and wind capacity and another 2 GW nearing commissioning. It has secured multiple PPAs, including new agreements to deliver 9 billion units of green energy upon project completion. Looking ahead, KKR-backed Serentica aims to raise $6-8 billion over five years as part of a $10-11 billion investment plan through 2029/30 to expand to a 17 GW clean energy portfolio via opportunistic acquisitions and new builds. The first $3 billion phase is fully funded, with $2 billion partially secured. This aligns with India's goal to reach 500 GW non-fossil capacity by 2030 amid a booming renewables market with assets available for sale.
Nov 2022Undisclosed stageKKR (lead)$400MSerentica Renewables is a decarbonization platform focused on providing complex clean energy solutions, including round-the-clock renewable energy, to energy-intensive, hard-to-abate industries in India, particularly the commercial and industrial segment that consumes over 50% of the country's electricity. Established in 2022, the company targets industrial decarbonization by making renewables the primary energy source for these sectors and aims to install 5GW of clean energy capacity in the medium term, with ambitions to supply over 40 billion units of clean energy annually and displace 50 million tonnes of CO2 emissions. In November 2022, KKR invested $400 million in Serentica Renewables to ramp up its clean energy portfolio and support energy transition solutions for industries, marking one of the largest industrial decarbonization investments in India at the time. This transaction aligns with KKR's global strategy, having deployed over $15 billion in equity into renewable assets with 23 GW operational capacity as of late 2021. The investment enables Serentica to deliver clean energy to large-scale industrial customers, building on India's favorable macroeconomic incentives and government commitments to energy transition highlighted at COP27. In May 2023, KKR made an additional $250 million investment, bringing total commitments to $650 million and positioning Serentica to install 4,000 MW of renewable energy capacity. Subsequent plans include raising $6-8 billion over five years for acquisitions and new-build projects to expand to a 17 GW clean energy portfolio by 2029/30, part of a broader $10-11 billion investment strategy, with the first $3 billion phase fully funded. The company is actively pursuing opportunistic, value-based acquisitions of operating or near-complete projects amid a wave of asset transactions in India's renewable market.

Who has invested in Serentica Renewables?

1 investor has backed Serentica Renewables across its funding rounds, including KKR.

Lead investors include KKR.


Serentica Renewables Investors

Investors in Serentica Renewables by funding rounds participated
InvestorHQRoundsRoleFirst check

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Serentica Renewables Competitors

Serentica Renewables competitors include listed companies like Iberdrola, China Yangtze Power, Constellation Energy and Cenovus Energy, and private ones like Adani New Industries and Helion Energy.

Public and private companies comparable to Serentica Renewables
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
IberdrolaSpainSpainPublicly listed$51B$17B$158B4.3x
China Yangtze PowerChinaChinaPublicly listed$13B$11B$104B11.3x
Constellation EnergyUnited StatesUnited StatesPublicly listed$26B$5B$93B3.8x
Cenovus EnergyCanadaCanadaPublicly listed$38B$7.3B$61B1.6x
Adani New IndustriesIndiaAhmedabadPrivate--$50B-
Helion EnergyUnited StatesSeattle, WAPrivate--$16B-

Serentica Renewables Public Comps

Serentica Renewables is still privately-owned, but its public comps include Aramco, ExxonMobil, Chevron, PetroChina, Shell, GE Vernova, TotalEnergies, NextEra Energy, ConocoPhillips and Iberdrola.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aramco$446B$213B3.9x3.7x8.2x7.1x
ExxonMobil$324B$68B2.2x1.8x10.5x8.0x
Chevron$184B$41B2.4x2.0x10.8x7.2x
PetroChina$427B$70B0.8x0.7x4.7x4.4x
Shell$267B$55B1.2x1.0x5.8x4.5x
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
TotalEnergies$182B$38B1.3x1.2x6.3x5.0x
NextEra Energy$27B$16B10.5x9.6x17.9x16.2x

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Common questions about Serentica Renewables

When was Serentica Renewables founded?Serentica Renewables was founded in 2022.
Where is Serentica Renewables headquartered?Serentica Renewables is headquartered in Gurgaon, India.
Is Serentica Renewables publicly listed?No, Serentica Renewables is a private, VC-backed company.
How much funding has Serentica Renewables raised?Serentica Renewables has raised $650M across 2 funding rounds.
What was Serentica Renewables' last funding round?Serentica Renewables' last funding round was a $250M undisclosed-stage round in May 2023, led by KKR.
Who are Serentica Renewables' investors?Serentica Renewables' investors include KKR.
Which companies are comparable to Serentica Renewables?Companies comparable to Serentica Renewables include Iberdrola, China Yangtze Power, Constellation Energy, Cenovus Energy, Adani New Industries and Helion Energy.

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