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.

Serentica Renewables Signs Power Purchase Agreement with NTPC to Supply 200 MW of Firm Dispatchable Renewable Energy to Uttar Pradesh

• PPA will ensure the supply of 200 MW of on-demand renewable energy to Uttar Pradesh’s distribution companies, to meet their morning and evening demand peaks.
• The project will integrate 600+ MWs of hybrid solar, wind, and battery storage assets developed in multiple locations across the country.

Serentica Renewables, a leading renewable energy provider in India, has signed a Power Purchase Agreement (PPA) with NTPC Limited for the supply of 200 MW of Firm Dispatchable Renewable Energy (FDRE) to Uttar Pradesh’s distribution companies (DISCOMS). The project will utilize hybrid solar, wind, and battery storage assets across multiple states, ensuring on-demand renewable power during the state’s critical morning and evening peak hours.

The project will be developed across several states, utilizing Serentica’s state-of-the-art hybrid renewable energy infrastructure. The integration of large-scale energy storage ensures the availability of renewable power even during periods of low generation. This reliable power supply is expected to reduce the reliance on conventional thermal power, contributing to a greener, more sustainable energy mix for Uttar Pradesh.

Akshay Hiranandani, CEO of Serentica Renewables, said, “This agreement exemplifies our commitment to providing reliable and sustainable renewable energy solutions. By integrating solar, wind, and advanced storage technologies, we can offer Uttar Pradesh a consistent, firm energy supply, particularly during times of high demand, contributing to the state's energy transition goals. Our FDRE model ensures that we can deliver clean energy when it's most needed, contributing to the state’s energy transition”

Serentica's firm dispatchable renewable energy (FDRE) solution aims to provide reliable, cost-effective green power to India's industrial and commercial sectors, addressing the intermittency challenges of renewable energy. By leveraging advanced technologies, Serentica enables a stable transition to clean energy for industries, playing a crucial role in India's net-zero ambitions.

Sterlite Power-backed Serentica Renewables Secures ECB Financing Worth ₹3500 Cr for 530 MW Round-the-Clock Renewable Project in India

Raises a total of INR ~3500 crores ($425 million) from a consortium of international and domestic banks.

Serentica Renewables (“Serentica” or the “Company”), a leading C&I focused renewable energy developer in India, announced the signing of its first international and commercial bank foreign currency loan worth INR 3500 crores (US$425 million) for its Round-The-Clock renewable energy project in India. The transaction brings together a consortium of three international banks (Rabobank, MUFG Bank, Société Générale) and three Indian lenders (YES Bank, Export-Import Bank of India, India Infrastructure Finance Company) in a historic first for the Indian corporate offtake market. Rabobank acted as the sole structuring bank for this loan facility.

This landmark deal will help Serentica in funding the development of its 530 MW hybrid (wind and solar) renewable energy project coming up in Rajasthan and Maharashtra. This project will provide clean energy to one of India's largest zinc producers, Hindustan Zinc, replacing 24% of their coal-based power supply with firm dispatchable green power while significantly reducing their carbon footprint.

Commenting on the milestone, Mr. Pratik Agarwal, Chairman, Serentica Renewables said, “We thank our banking partners, who have trusted us with the first ever dollar loan for a C&I project in India. We will work harder to build on this trust.”

Mr. Amardeep Parmar, Head – Project Finance Asia, Rabobank said “Rabobank is pleased to lead and structure this landmark renewable transaction in the C&I segment. We look forward to partner with Serentica in their future energy transition endeavors.”

Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers. The overall portfolio will supply more than 9 BUs of clean energy annually, offsetting 8.5 million tonnes of CO2. Serentica’s vision is to supply over 40 billion units of clean energy annually in the medium term and displace 37 million tonnes of CO2 emissions.

The capital infusion comes close on the heels of the total debt raise of INR 5600 crores that the company secured from power sector majors – PFC & REC, recently.

About Serentica Renewables

Established in 2022, Serentica Renewables (India) is a decarbonization platform that looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonization, by making renewables the primary source of energy for 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. Serentica’s medium term goal is to supply over 40 billion units of clean energy annually and displace 37 million tonnes of CO2 emissions. The company has already secured investments worth $650 million from leading global investor KKR.

For more details on Serentica, please visit www.serenticaglobal.com