What happens when a rising renewable energy player outbids giants like Blackstone, Adani, and JSW? India’s energy landscape takes a bold new turn. Serentica Renewables has announced its acquisition of Statkraft’s 1.44 GW solar and wind portfolio in a deal worth Rs 1,942–2,207 crore (~$220–250 million). This landmark move not only strengthens Serentica’s position as India’s largest decarbonization platform but also sets the stage for the country’s evolving clean energy future.
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Serentica’s acquisition is more than just a portfolio addition—it’s a step toward creating India’s most integrated renewable energy platform. The deal expands Serentica’s operating capacity to 1.5 GW, with a target of reaching 17 GW by 2030. The projects, primarily located in Rajasthan, include the 445 MW Khidrat solar project in Bikaner, which alone is expected to generate ~767 GWh annually and offset over half a million tonnes of CO2 emissions. With solar, wind, and storage systems working in sync, Serentica is laying the groundwork for reliable, round-the-clock clean power delivery to commercial and industrial customers.
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On the other side of this transaction is Statkraft, Norway’s state-owned renewable giant, which is pulling out of India in phases. The company’s global portfolio reshuffle comes on the back of financial strains, including Q2 2025 impairments of NOK 6.3 billion due to weaker power price forecasts. India is just one of several exits under Statkraft’s 2025 divestment program, which also saw them leave Croatia, Colombia, Portugal, and Australia. For Serentica, this exit created an opportunity to step in and acquire high-quality assets at scale, beating out competition from Blackstone and paving the way for future expansion.
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The immediate impact of this acquisition is clear—Serentica gains an enviable portfolio with merchant market sales that can be transitioned to serve its commercial and industrial clients directly. Strategically, this positions the company as a frontrunner in delivering dependable renewable energy, a crucial factor for businesses seeking to meet their sustainability goals. Backed by green financing and strong advisory support from Standard Chartered and Khaitan & Co, the transaction reflects how clean energy investments are being structured with long-term value creation in mind. For India, deals like this are more than financial—they are accelerators toward achieving the nation’s renewable energy ambitions.
With this acquisition, Serentica Renewables has cemented its status as a serious force in India’s renewable sector while Statkraft retreats to consolidate in Europe and South America. The question now is not whether Serentica can scale to 17 GW by 2030, but how quickly it can deliver on this ambitious vision.

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