Chennai, Nov 8 (IANS): KKR, a global investment firm offering alternative asset management as well as capital markets and insurance solutions, will invest $400 million in Serentica Renewables, the two companies said.

Serentica enables transition to renewable energy round-the-clock by signing long-term power purchase agreements (PPA) with companies.

Currently, Serentica has entered into three long-term PPAs and is in the process of developing about 1,500 MW of solar and wind power projects across various states, including Karnataka, Rajasthan and Maharashtra.

In the medium term, Serentica plans to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonne of CO2 emissions, the company said.

"The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450 GW by 2030. This investment will allow us to leap ahead in our vision of decarbonising large energy intensive industries and help in reversing climate change," said Pratik Agarwal, Director, Serentica Renewables.

According to Hardik Shah, Partner, KKR, the investment in Serentica reflects the investment firm's confidence in India's renewables sector.

Shah said energy-intensive, heavy-industry companies play an important role in society, but have traditionally faced more challenges in meeting energy needs sustainably.

"With Serentica, we look to support these companies in their decarbonisation objectives," Shah added.