Serentica Renewables to Develop 170 MW Hybrid Project to Supply Captive Power to MRF Ltd

Serentica Renewables, a leading renewable energy provider in India, has signed a long-term Power Purchase Agreement (PPA) with MRF Limited, India's largest tyre manufacturer, to supply clean power under the captive power framework. A SPV was created specifically to supply RE power to MRF in which MRF has picked captive minority stake and the rest is held by Serentica.

The clean energy will be supplied from a new hybrid renewable energy project with a total installed capacity of around 170 MW, currently under development by Serentica Renewables. The project will integrate both solar and wind generation to deliver round-the-clock renewable energy for MRF’s manufacturing facilities across India through the ISTS (Inter-State Transmission System) network.

This agreement helps in expanding company’s renewable energy solutions for a large industrial clients seeking flexible and reliable clean power. The captive arrangement will allow MRF to meet its substantial electricity requirements, supporting its ongoing sustainability and net-zero ambitions.

Commenting on the partnership, Akshay Hiranandani, CEO, Serentica Renewables, said, “Our partnership with MRF marks another major step in enabling India’s industrial decarbonization journey. By combining renewable energy with cutting-edge storage and hybrid solutions, we are delivering clean and reliable power to help leading industries like MRF transition to a sustainable future.”

This partnership further reinforces Serentica’s commitment to accelerating clean energy adoption in India’s industrial and manufacturing sectors, complementing its growing portfolio of renewable energy projects across the country.

About Serentica Renewables

Established in 2022, Serentica Renewables is a leading renewable independent power producer (IPP) committed to decarbonizing hard-to-abate industries by providing firm dispatchable renewable energy (FDRE) solutions. With a vision to make renewables the primary energy source across India's energy landscape, Serentica is driving large-scale decarbonization & contributing to the nation’s broader goals, including through government tenders.

The company has achieved a significant milestone by reaching 1,000 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions. Serentica’s innovative approach ensures reliable and cost-effective green power for its growing customer base, which includes some of India's largest energy-intensive industries. Backed by a $650 million investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, enabling the displacement of 47 million tons of CO2 emissions. With a strong pipeline of projects under development, the company is at the forefront of India’s energy transition, deploying cutting-edge technology and innovative contractual structures to accelerate the shift to sustainable power.

MRF To Acquire Equity Stake in First Energy 8 for ~ ₹35.8 Cr

MRF, an Indian multinational tyre manufacturing company, will acquire upto 27.2% of equity stake in Pune-headquartered First Energy 8 Pvt Ltd, for about ₹35.87 crore, said media reports including BusinessLine.

Incorporated last year in August, First Energy 8 Pvt Ltd is a renewable energy startup company which is developing a wind power plant with a capacity of 47.4 MW in Tamil Nadu.

The time period for completion of the acquisition via cash consideration is Jan. 31.

The BusinessLine report said that, MRF, the largest manufacturer of tyres in India, has entered into a power purchase agreement with First Energy 8 for the purchase of wind power under the captive power policy.

As per the captive power policy, a captive users are required to own at least 26% in the captive generating plant. If the captive generating plant is established by an affiliate company, the captive user must hold no less than 51% of the ownership in that affiliate company.

In May 2023, MRF inked an agreement with First Energy 4 Pvt Ltd to purchase solar power, and at that time the renewable energy company was in the process of building a ground-mounted, grid solar electric generating facility at Ottapidaram, Tuticorin district in Tamil Nadu with a total installed capacity of 38.2 MW.