KKR, Vedanta group promoted Serentica Renewables plans $500-million InvIT
Aug 05, 2026
Serentica Renewables plans to monetise operational projects through the proposed trust and recycle capital as it builds a 17-GW portfolio by 2029-30.
KKR and Vedanta group-backed Serentica Renewables is planning to raise around $500 million (approximately Rs 4,750 crore) by setting up an infrastructure investment trust (InvIT), people aware of the development told Moneycontrol.
The composition and value of the initial portfolio of assets to be transferred to the InvIT are still being finalised, one of the people said.
The proposed transaction would allow Serentica to monetise some of its operational renewable-energy projects and recycle the capital to develop and acquire new assets.
The company is targeting a renewable-energy portfolio of 17 gigawatts by 2029-30 and expects to invest $10–11 billion towards its expansion.
“Serentica will use the InvIT as a monetisation pipeline, and they will keep dropping new projects into the InvIT when they become stable,” said one of the sources. “The company was also contemplating a public listing but has decided to go down the InvIT path,” the source added.
Established in 2022, Serentica is jointly owned by global investment firm KKR and Twinstar Overseas Ltd, an entity controlled by the family of Vedanta promoter Anil Agarwal. KKR committed $650 million to the platform through two funding rounds in 2022 and 2023. Serentica develops solar, wind and battery-storage projects designed to supply round-the-clock renewable electricity to large industrial consumers.
Emails sent to Serentica Renewables, Vedanta and KKR did not elicit a response till the time of publication.
Serentica Portfolio
Vedanta group companies were among Serentica’s earliest and largest customers.
In March 2025, Serentica expanded its power-delivery agreement with Hindustan Zinc, increasing the proposed supply of round-the-clock renewable electricity from 450 MW to 530 MW. The project, expected to be fully operational by 2027, is intended to meet about 70 percent of Hindustan Zinc’s power requirements.
Serentica is also developing a 300 MW solar project to supply power to Vedanta subsidiary Bharat Aluminium Company, or Balco. In April 2026, Cairn Oil & Gas, another Vedanta business, began sourcing 25 MW of captive hybrid renewable power from Serentica for its Barmer oilfield in Rajasthan.
The platform has also widened its customer base beyond Vedanta companies.
In July, it signed an agreement with SECI to supply 600 MW of assured peak renewable power backed by battery storage. Other recent agreements include a 32 MW hybrid project for Sanathan Polycot, a 170 MW project for tyre manufacturer MRF and a 75 MW arrangement with INOX Air Products.
Serentica said in July that its commissioned renewable-energy capacity had reached 3 GW. The company is currently constructing another 3 GW of renewable energy and storage capacity, which is expected to be commissioned over the next 12 to 15 months.
Investors turn to InvITs for exits
Infrastructure and private-equity investors are increasingly using InvITs to monetise mature, cash-generating assets and recycle capital into new projects. The structure allows operational assets with long-term power-purchase agreements to be pooled in a trust, while institutional investors gain access to predictable cash distributions.
Serentica’s platform would be only the third large active private InvIT built substantially around renewable-generation assets. The other two are Anzen India Energy Yield Plus Trust, which owns transmission and solar assets, and Sustainable Energy Infra Trust, sponsored by Mahindra Susten and Ontario Teachers’ Pension Plan. The latter owns eight operational solar projects with an aggregate capacity of about 1.55 GW.
KKR has made several infrastructure investments in India. Its portfolio includes logistics asset-pooling company LEAP India and renewable-energy producer Hero Future Energies, in which KKR and the Hero Group announced a $450-million investment in 2022.
KKR also established roads InvIT Vertis Infrastructure Trust, formerly Highways Infrastructure Trust, alongside Ontario Teachers’. Vertis owns 28 road assets across India. KKR had earlier sponsored renewable-energy InvIT Virescent Renewable Energy Trust, whose solar portfolio was subsequently acquired by IndiGrid in 2023.