Commenting on the development, Akshay Hiranandani, CEO, Serentica Renewables, said, “We are confident that this partnership with Envision Energy India will be pivotal in advancing the country’s renewable energy goals by delivering reliable green power to industries. The upcoming wind projects in Karnataka, Maharashtra, and other states will not only supply dependable renewable energy to industrial consumers but also play a vital role in reducing carbon emissions. At Serentica Renewables, we remain committed to building transformative, round-the-clock clean energy solutions that enable industries to lead the energy transition.”

Commenting on the order, RPV Prasad, Managing Director, Envision Energy India, said, “We are proud to partner with Serentica Renewables for this project in Karnataka and Maharashtra, driving the energy transition with our 5 MW Smart Wind Turbines. It is an honour to collaborate in advancing India’s net-zero goals.”

Serentica shortlisted Envision Group’s high-performance wind turbines for their superior reliability, efficiency, and capacity to deliver sustained power. These turbines will play a pivotal role in generating sustainable power for energy-intensive industries.

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Statkraft’s Indian solar business comprises of 445 MWp operational solar plant at Bikaner and 1 GWp of development assets across Rajasthan. The portfolio is strategically located in resource rich states and is currently supplying power on a merchant basis. These assets will be transitioned to serve Serentica’s C&I customers on a round-the-clock basis, thereby offsetting an estimated ~0.6 Mn tonnes of CO₂ annually.

The acquisition will grow Serentica’s operating portfolio to 1.5 GW keeping the company on course to achieving its target of 17 GW by 2030. The completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals, if any.

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

Commenting on the development, Pratik Agarwal, Chairman, Serentica Renewables, said, “Serentica renewables is committed to the energy transition goals of India, and this acquisition is one more step in furthering that vision. By integrating this asset with wind and storage systems we will be able to provide a faster round-the-clock solution to our largest clients.”

Fernando de Lapuerta, Executive Vice President International, Statkraft, said, “We are very pleased with this transaction. Serentica Renewables is a fast-growing renewable energy company with high ambitions. We are confident that they will continue to operate and develop these assets with competence and commitment, contributing to India’s green energy transition. I am also glad that this offers new opportunities for our competent employees following the transaction.”

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This strategic project has been designed to supply green energy to Bharat Aluminium Company Limited (BALCO), one of India’s leading aluminum producers and a subsidiary of the Vedanta Group, marking another significant step in decarbonizing India’s industrial sector.

Commenting on the project milestone Akshay Hiranandani, CEO of Serentica Renewables, said, “This successful financial close, backed by global partners like Rabobank and Société Générale, is a testament to the growing confidence in our vision to accelerate India’s energy transition. It’s a crucial step in our mission to provide reliable, clean energy solutions that empower industrial giants like BALCO to decarbonize, driving a greener and more sustainable future for the nation.”

“This transaction reflects Rabobank’s continued commitment to supporting energy transition in India. We are proud to partner again with Serentica and bring our structuring expertise to a project that will deliver strong long-term sustainable impact,” said Amardeep Parmar, Head of Project Finance Asia, Rabobank.

The successful closure of this ECB financing represents a key milestone in Serentica’s ongoing efforts to accelerate the energy transition and decarbonize India’s hard to abate industries. Serentica continues to demonstrate its ability to structure innovative financing solutions and forge global partnerships that allow for the company to deliver on its mandate of providing reliable, clean energy to large commercial and industrial consumers.  This further reinforces the confidence that international lenders share in Serentica’s robust business model, strong execution capabilities, and long-term vision to drive a greener future for India.

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Bengaluru, 5 May 2025: Serentica Renewables, a leading renewable energy provider in India, has signed a Power Supply and Consumption Agreement (PSCA) with INOX Air Products (INOXAP), India’s largest manufacturer of industrial, electronic and medical gases. Under this agreement, Serentica will supply 75 MW of hybrid renewable energy to INOXAP – its marquee customer – through Inter-State Transmission System (ISTS) project, enabling competitive tariffs and flexible power usage across multiple locations in different states.

This agreement marks a significant milestone in Serentica’s growth journey as it expands its clean energy solutions beyond state borders, enabling large-scale, multi-location industrial customers to transition to sustainable operations. The 75 MW of hybrid energy will significantly increase INOX Air Products’ renewable energy portfolio, spanning four of its key manufacturing sites in four different states.

Akshay Hiranandani, CEO of Serentica Renewables, said, “This partnership reflects our shared commitment in driving decarbonization across India’s industrial ecosystem. The scale and inter-state nature of this project showcases our evolving capabilities to deliver firm, reliable, and geographically flexible clean energy to large enterprises. This project represents a major step forward in enabling large industrial customers like INOX to seamlessly transition to sustainable operations across the country.”

Commenting on the partnership, S K Jena, Head – Operations (LASU & Onsite plants), INOX Air Products, said, “With decarbonization as a priority, we are committed to integrating sustainable practices into every facet of our operations. This agreement with Serentica is a major leap in our decarbonization journey, as this would enable us to significantly increase the share of renewable energy in our energy consumption mix and  get closer to our Net-Zero target. We are excited to reinforce our commitment to clean energy, while ensuring operational excellence across our facilities.”

Serentica’s hybrid renewable solutions integrate wind, solar, and storage assets to ensure 24X7, reliable clean power delivery. Through such partnerships, Serentica continues to accelerate the decarbonization of hard-to-abate sectors and contribute to India’s broader net-zero ambitions.

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Bengaluru, 15 April 2025: 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.

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Bengaluru, November 07^th, 2024: Serentica Renewables, (“Serentica” or the “Company”), a leading renewable energy company in India, has announced its plans to establish renewable energy projects with a combined capacity of 10 gigawatts (GW) in Andhra Pradesh. This initiative underscores the company’s commitment to supporting India’s clean energy goals and fostering sustainable growth in the region.

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