Independent power producer Serentica Renewables has signed binding agreements to acquire Statkraft’s 445 MW operational solar project at Bikaner, along with 1 GW of solar projects under development across Rajasthan.

Projects in the portfolio have been supplying power on a merchant basis and will be transitioned to serve Serentica’s commercial and industrial customers on a round-the-clock basis.

The acquisition will grow Serentica’s operating portfolio to 1.5 GW, keeping the company on course to achieve its target of 17 GW by 2030.

The transaction is subject to the fulfillment of conditions precedent and any necessary regulatory approvals.

Pratik Agarwal, Chairman at Serentica Renewables, noted that by integrating this asset with wind and storage systems, the company will be able to provide a faster, round-the-clock solution to its clients.

Standard Chartered Bank acted as the buy-side transaction advisor, along with Khaitan & Co. as the legal advisor. Ernst & Young acted as the exclusive sell-side mergers and acquisitions banker to Statkraft, with Cyril Amarchand Mangaldas acting as the legal advisor.

Statkraft recently divested its 49% stake in Malana Power Company to LNJ Bhilwara Group. This transaction included Statkraft’s stake in the 86 MW Malana and the 192 MW Allain Duhangan hydropower projects, both located in Himachal Pradesh. These projects have been operated as a 51:49 joint venture since 2004.

These transactions are in line with Statkraft’s previously announced strategy to divest its India platform, allowing the company to sharpen its focus on markets where it can achieve scale and long-term competitiveness.

Fernando de Lapuerta, Executive Vice President International at Statkraft, had earlier noted that by reallocating capital to core markets in Europe and South America, Statkraft aims to position itself to deliver greater value creation and impact.

The first half (1H) of 2025 witnessed 50 solar mergers and acquisitions (M&A) transactions, compared to 40 in 1H 2024, according to Mercom India’s newly released 1H and Q2 2025 Solar Funding and M&A Report. Investment firms acquired most of the solar projects in Q2 2025, picking up 2.1 GW, followed by oil and gas companies with 1.53 GW.  Project developers and independent power purchasers acquired 1.5 GW of projects.