Serentica Renewables Ties up Partner Contracts Worth INR 10,000 cr for its Phase 1 Renewable Energy Projects
Mumbai, June 07, 2023:In a massive boost to the renewable energy (RE) sector in the country, Serentica Renewables (“Serentica” or the “Company”) – a renewable energy platform enabling industrial decarbonization, announced the successful placement of contracts worth INR 10,000 crore for its upcoming renewable energy projects. The contracts placed upon leading renewable energy solution providers will enable Serentica to develop 1.5 GW of RE capacity in the country.
Serentica is setting up solar and wind capacities across the states of Karnataka, Maharashtra, Andhra Pradesh, and Rajasthan where it has secured connectivity to the inter-state transmission system (ISTS). For its wind projects coming up in Maharashtra and Karnataka, Serentica has tied up with leading wind players like Suzlon, Siemens Gamesa, and Envision while the modules for its solar projects in Rajasthan and Maharashtra will be supplied by global solar leaders like Jinko Solar and Trina Solar. The EPC (Engineering Procurement and Construction) for the projects will be executed by Suzlon, Sterling & Wilson, Amara Raja Power Systems, EverRenew, and Rays Power. The projects are scheduled to be commissioned by FY 2024-25.
Commenting on the milestone, Pratik Agarwal, Director, of Serentica Renewables, said, “We are excited to join forces with some of the leading renewable energy players in the country to take forward our mission of industrial decarbonization. In our endeavour to build world-class assets for our customers, these partnerships are a huge step forward. We look forward to working with the industry veterans and with their support, march ahead in our vision of reversing climate change and creating a greener tomorrow.”
Serentica is focused on industrial decarbonization and aims to provide assured, renewable energy through a combination of solar, wind, energy storage, and balancing solutions. 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. To fuel its growth commitments, Serentica signed definitive agreements with leading global investor KKR in November 2022. KKR’s total $650 million commitment to the company, which includes the latest $250 million investment deal, represents one of the largest decarbonization investments in India to date.