Global investment firm KKR has joined forces with Sterlite Power Transmission's newly formed arm Serentica Renewables to create a new energy platform to help large industrial clients decarbonise, both sides said in a statement on Tuesday.

KKR will invest $400 million into the platform for an undisclosed equity participation, while Sterlite Group companies will invest $100 million. Serentica Renewables is a wholly owned subsidiary of Twinstar Overseas Ltd, which is owned by Volcan Investments Ltd Bahamas, the holding company of the family trust of Vedanta group's Anil Agarwal.

Serentica was launched in September with an aim to provide round-the-clock clean energy solutions to the commercial and industrial segment which consumes more than 50% of the electricity generated in India. Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions, the company said.

"Companies including cement, steel and chemicals, aluminium, zinc among others are looking for complete decarbonising solutions and the platform will service them. The initial idea is to supply 100 megawatts of power to these companies. Of the $400 million, $100 million will go towards growth capital and the rest in the project," Pratik Agarwal, Director, Serentica Renewables told ET on a call.

Serentica's plan has been to offer a new model whereby a renewable generation SPV will be formed for each customer. The customer would pick up to 26% in the venture and sign a long-term PPA, thus meeting their demand for green power. "Energy-intensive, heavy-industry companies have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support them in their decarbonisation objectives," Hardik Shah, Partner at KKR, said.

Currently, Serentica has three long-term PPAs and is in the process of developing 1,500 MW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra. A large part of this capacity will be used to deliver close to 600MW of round-the-clock clean energy to various entities of the Vedanta Group.