Global investment firm Kohlberg Kravis Roberts (KKR) will invest $250 million in Serentica Renewables to help ramp up its clean energy portfolio and provide energy transition solutions to industries.

This latest investment builds on the $400 million investment from KKR last November. Serentica Renewables is owned by KKR and Twinstar Overseas, which also has controlling stakes in Sterlite Power Transmission and Sterlite Technologies.

The renewable energy developer has recently entered into three long-term power purchase agreements and is developing 1.5 GW of solar and wind power projects across various states, including Karnataka, Rajasthan, and Maharashtra.

Once commissioned, these projects will supply 9 billion units of green energy annually, using the inter-state transmission network, thereby decarbonizing a large portion of the electricity consumption of large-scale industrial customers.

Additionally, Serentica plans to install 4 GW of renewable energy capacity to aid clean energy delivery to energy-intensive, hard-to-abate industries.

“We are excited to deepen our collaboration with a like-minded strategic partner like KKR. This investment will enable us to accelerate further large-scale decarbonization of the power-guzzling commercial and industrial segments. Our unwavering commitment to reversing climate change through the delivery of clean energy has been further reinforced by this investment, giving us greater confidence in our capabilities to achieve this vision,” said Pratik Agarwal, Director at Serentica Renewables.

Serentica intends to supply over 40 billion units of clean energy annually in the medium term and displace 50 million tons of CO2 emissions.

KKR recently agreed to sell 50% of its stake in renewable developer X-ELIO to its joint venture partner Brookfield Renewable. Financial details were not disclosed.

Last September, KKR signed definitive agreements with the Hero Group to jointly invest $450 million in Hero Future Energies, the renewable energy arm of the Hero Group.

Total corporate funding for solar companies, including from venture capital, public market, and debt financing, amounted to $8.4 billion in 42 deals in the first quarter of 2023, up 11% year-over-year compared to $7.5 billion raised in 49 deals, according to Mercom’s Q1 2023 Solar Funding and M&A Report.