Serentica Renewables, backed by KKR, plans to raise between US$6 billion and US$8 billion over the next five years to support acquisitions and new clean-energy projects.

The company aims to expand its portfolio to 17 gigawatts (GW) of capacity by 2029/30, up from its current 2 GW plus another 2 GW soon to come online. Serentica is targeting operational or under-construction assets among the 3 to 5 GW of clean-energy capacity currently for sale in India.

The first US$3 billion of funding is already secured, and an additional US$2 billion in the next phase is partially funded. India’s goal of doubling non-fossil power to 500 GW by 2030 is driving a surge in renewable energy investment.