India’s Serentica Renewables plans to invest up to $11 billion to boost its clean energy portfolio by the end of the decade via project acquisitions and new capacity build outs, chairman Pratik Agarwal has told Reuters.
Serentica Renewables, backed by global private equity giant KKR, plans to raise over the next five years between $6 billion and $8 billion to help fund its expansion plans, according to the executive. The funds will help finance acquisitions of operating projects or projects under construction, as well as the construction of new projects.
Serentica Renewables looks to boost its clean energy portfolio to 17 gigawatts (GW) by the end of the 2029/2030 fiscal year, Agarwal told Reuters.
The company’s current installed capacity is about 2 GW of solar and wind combined, and another 2 GW of renewables capacity slated for commissioning within the next 10 months.
The acquisitions that Serentica Renewables will pursue are “purely opportunistic and value-based,” the executive said.
The firm is assessing potential acquisitions from up to 5 GW of renewable energy capacity that is currently up for sale across India, Agarwal added.
India added a record GW of renewable energy capacity in the first half of 2025, up by 57% from a year earlier, according to Rystad Energy data. Solar led the newly-added capacity with 18.4 GW installations, followed by 3.5 GW of wind, and 250 megawatts (MW) of bioenergy generated from plant and animal waste.
In July, India boasted achieving five years ahead of schedule its target to have 50% of its installed electricity capacity coming from non-fossil fuel sources.
Yet, the solar module manufacturing in India is nearing the point of unsustainable overcapacity, which will lead to consolidation in the Indian solar industry supply chain, analysts say.
Overcapacity and newer and better technologies will squeeze smaller firms out of the market and result in consolidation over the next three to five years, analysts at Indian rating agency ICRA, an affiliate of Moody’s, said earlier this month.
Last month, Wood Mackenzie, an energy consultancy, warned that near-term overcapacity and export headwinds will be a critical test for India’s long-term goal of global solar leadership.
By Charles Kennedy for Oilprice.com
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