Serentica Renewables has signed binding agreements to acquire 445 MWp operational solar plant in Bikaner and 1 GWp of development assets located across Rajasthan from Statkraft.
The operational assets currently supply power on a merchant basis and are expected to be transitioned to serve Serentica’s commercial and industrial (C&I) customers on a round-the-clock basis. Following the acquisition, Serentica’s operating capacity will rise to 1.5 GW, contributing towards its long-term goal of achieving 17 GW by 2030. Standard Chartered Bank served as the buy-side transaction advisor, with Khaitan & Co. as legal counsel. Ernst & Young LLP acted as Statkraft’s exclusive sell-side mergers and acquisitions banker and Cyril Amarchand Mangaldas advised on legal matters.