Serentica Renewables notified the inauguration of a renewable energy platform. The company plans to install 1,500 GW of solar and wind power capacity in the country. It will work on providing carbon-free power to large energy consumers in India round the clock, and will specialise in providing consumers with end-to-end green solutions including connectivity to the appropriate transmission network.
The company intends to install 1,500 MW of solar and wind power across multiple sites in Karnataka, Rajasthan, and Maharashtra, where it already has connectivity approvals. A significant portion of this capacity will be used to provide nearly 600 MW of continuous clean energy to various Vedanta Group entities. Depending on statutory approvals, the capacity will be operational in 24 months.
The company will also selectively engage in government tenders if the project has synergies with its overall focus of providing direct green energy solutions to commercial and industrial customers. The medium-term objective of Serentica is to install 5,000 MW of carbon-free generation capacity paired with various storage technologies. It eventually hopes to supply more than 15 billion units of clean energy per year and offset 20 million tonnes of carbon dioxide emissions.
In the first week of September 2022, Hindustan Zinc acquired a 26 per cent stake in Serentica Renewables for Rs 3.5 billion. In addition, the company signed a long-term renewable power delivery agreement with a capacity of 200 MW. Sterlite Power Transmission established the SPV to implement renewable energy projects to meet Hindustan Zinc’s long-term power needs. Hindustan Zinc entities will hold the remaining equity in the SPV. The project will be funded with a debt-to equity ratio of 70:30.