News

KKR-backed Indian firm tapping PM Modi’s drive to green industries


Serentica Renewables India Pvt Ltd., a clean energy startup backed by KKR & Co., wants to harness the decarbonization dynamics of Indian industry.

The New Delhi-based company will use a $400 million investment from the private equity giant to build 1.5 gigawatts of wind and solar power across four Indian states. Serentica Director Pratik Agarwal said in an interview with Bloomberg Television. He said the projects will be built in the next two years.

Prime Minister Narendra Modi is encouraging step by step phasing out fossil fuels after setting a target of net zero by 2070. The government has made it easier for companies to enter into direct agreements with clean energy suppliers, in an attempt to challenge the grip of state utilities for the electricity supply.

SerenticaAgarwal said the company’s wind and solar projects will sell about 3 billion kilowatt-hours of electricity annually, and the company is working with Greenko Group to provide energy storage services.

About 70% of India’s electricity is generated from coal, but the country is planning to nearly triple its electricity capacity from non-fossil fuels to 500 gigawatts by the end of the decade. Agarwal says the nation needs to address a number of challenges along the way to get there.

The process of acquiring land for projects should be simplified, he said. According to Agarwal, who is also the chief executive officer of Sterlite Power Transmission, one of India’s largest non-state-owned energy networks, the country also “needs to invest more in its grid to keep up. keep pace with the growth of renewable energy”.

This story has been published from the electronic agency’s feed without any modification to the text.

catch them all Business newsletter, Market News, Hot news Events and Latest news Update on Live Mint. Download Mint News Application to get Daily Market Updates.

Than
Less than

news5s

News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button