In an interview with Renewable Watch, Akshay Hiranandani, Chief Executive Officer, Serentica Renewables, talked about the company’s growing project portfolio, recent large-scale investments and ambitious road map to deliver round-the-clock (RTC) green power. He shared Serentica’s experience with RTC projects and its plans to scale up to 17 GW by 2030, while exploring emerging opportunities and addressing sector-wide challenges. Edited excerpts…
What is the current project portfolio of Serentica Renewables? What have been the key recent developments in the company?
Serentica Renewables is progressing steadily on its journey to become a significant player in India’s renewable energy sector, with an impressive project portfolio aimed at meeting the country’s energy transition goals. We have committed to 8,500 MW by 2028, which will be implemented in phases. Our current Phases I and II projects comprise 3,900 MW, which are at various stages of construction. As of April 2025, we have an installed capacity of 1,500 MW, of which 1 GW is commissioned, and we expect to close 2025 with 3,500 MW commissioned. Our wind and solar projects are located across Rajasthan, Maharashtra and Karnataka, with substantial ongoing work in wind, solar and energy storage solutions. Serentica has also committed capital for Phase III, and an additional 4,000 MW of capacity and 4,500 MWh of storage are currently in late-stage development.
A key recent development for Serentica was the announcement of some major projects, including a Rs 500 billion investment plan for 10 GW in Rajasthan and another 10 GW in Andhra Pradesh. This bold expansion strategy is in line with the company’s long-term target to reach 17 GW of operational capacity by 2030, powering diverse commercial and industrial (C&I) customers, with potential for serving central government counter-parties as well. The investments will span various power purchase agreements (PPAs) and states such as Gujarat, Andhra Pradesh, Rajasthan, Karnataka and Maharashtra, and will include wind, solar, battery energy storage systems (BESSs) and pumped storage projects (PSPs), positioning Serentica as a key player in the push for a greener and more sustainable energy future.
Serentica is actively investing in energy storage solutions, with plans to anchor third-party pumped hydro storage (PHS) and develop its own PSPs. These developments are crucial to ensuring that the company can meet its service level agreements (SLAs) and deliver RTC green power. The company has also demonstrated a strong commitment to integrating cutting-edge technologies such as BESS to optimise its energy storage strategy.
With strategic investments in capacity expansion and innovative solutions, Serentica is well positioned to contribute significantly to India’s renewable energy ambitions.
What has been the experience of Serentica Renewables with RTC projects? What are the key operational challenges while developing such projects, and how can these be resolved?
Serentica Renewables has had a highly positive journey with RTC projects, where we have been able to strategically integrate renewable energy sources with energy storage solutions to deliver continuous, reliable power. By diversifying our portfolio with solar and wind energy from multiple regions, and combining it with advanced storage technologies, we have been able to address the inherent intermittency of renewable energy and ensure a consistent power supply.
However, like any large-scale energy initiative, RTC projects come with their own set of challenges. Key operational hurdles include carrying out land acquisition, building out evacuation infrastructure, developing social infrastructure that is supportive of project development, managing fluctuations in energy generation, ensuring stability during peak demand times, and maintaining the reliability of storage systems. These challenges are typical of any renewable project and become particularly critical when balancing energy supply with fluctuating demand patterns, especially during unexpected shortfalls or overproduction.
To resolve these issues, we focus on core strategies such as:
Geographical diversity: By developing solar and wind plants across different regions, we mitigate the impact of localised weather disruptions, ensuring a more consistent energy flow.
Enhanced storage solutions: Our collaboration with Greenko for PHS and integration of advanced BESS allows us to store surplus energy and release it during peak demand periods, ensuring uninterrupted power supply.
Energy trading: With a robust energy trading team led by an Indian Energy Exchange veteran, supplemented with an energy trading licence, we now have the flexibility to manage excess energy, sell during overproduction and procure energy during shortages, thus meeting our SLAs and ensuring operational efficiency.
Data-driven optimisation: Leveraging cutting-edge analytics and artificial intelligence (AI), we continuously optimise our energy mix and project delivery, ensuring that our renewable energy systems are both efficient and cost-effective.
Through these initiatives, Serentica Renewables has successfully navigated the challenges faced in RTC projects, delivering sustainable, reliable and green power to customers. We remain committed to advancing India’s renewable energy goals and driving the energy transition forward.
What kind of regulatory or policy reforms would further accelerate RTC renewable energy deployment in India?
India’s journey towards scaling up RTC renewable energy deployment is crucial to achieving its ambitious clean energy targets. The country has made significant strides in renewable energy capacity expansion, supported by favourable policies and global commitments. However, to fully realise the potential of RTC renewable energy, several regulatory and policy reforms are needed to address existing challenges and ensure accelerated deployment.
One key reform is improving grid integration and transmission infrastructure development. As India continues to increase its renewable energy share, modernising the grid to accommodate variable power generation is vital. Policies that prioritise the expansion of transmission networks, the adoption of smart grid technologies and the integration of energy storage solutions will ensure a stable and reliable power supply, enabling RTC energy to meet consistent demand.
Additionally, strengthening PPAs is essential. Clear, transparent and enforceable PPAs will provide the necessary security for investors, while also ensuring that discoms can meet their renewable purchase obligations without facing financial distress. Consistent contract enforcement across states will boost confidence and attract long-term investments in RTC renewable energy projects.
Expanding market-based mechanisms such as renewable energy certificates and carbon trading will also help incentivise RTC renewable projects. These mechanisms can create a more predictable and competitive pricing structure, encouraging private sector involvement and making RTC energy a viable option alongside conventional power sources.
Further, addressing the financial health of discoms is crucial for ensuring timely payments for renewable energy and fostering project viability. Policy changes to improve tariff rationalisation and reduce transmission losses will go a long way in securing the financial sustainability of RTC projects.
Lastly, incentivising energy storage technologies will be a game changer for RTC energy. By supporting the development and deployment of storage solutions, the intermittency of renewable power can be effectively managed, ensuring a continuous supply of energy to the grid.
India is at a pivotal moment in its clean energy transition. By implementing these regulatory and policy reforms, India can accelerate the deployment of RTC renewable energy, positioning itself as a global leader in sustainability while driving economic growth. The path towards a decarbonised power sector is within reach, but achieving it will require focused efforts on policy consistency, infrastructure development and financial innovation.
What role does digital innovation, such as AI-based forecasting, grid analytics and digital twins, play in Serentica’s operations?
At Serentica, we see digital innovation not just as an enabler but also as a strategic differentiator in delivering firm and despatchable renewable energy. As AI-driven demand, particularly from data centres and training models, continues to grow, we understand the critical importance of precision in generation forecasting and grid reliability. Our operations are increasingly leveraging AI-based forecasting models and real-time grid analytics to meet the evolving needs of high-intensity, RTC energy consumers.
Moreover, as we scale towards 8.5 GW of renewable capacity, the role of digital tools such as predictive analytics and digital twins becomes even more integral in optimising asset performance and ensuring seamless integration with C&I energy demands. These innovations help us not only improve efficiency and uptime but also offer smarter, more resilient energy solutions to customers.
What challenges are you facing in the C&I space? What role can the government play in addressing them?
The C&I sector has witnessed remarkable growth, with businesses increasingly adopting renewable energy solutions to meet their power needs. However, challenges persist in this space, primarily revolving around reliability, energy pricing and the integration of renewable energy sources into existing infrastructure. C&I customers often require uninterrupted, cost-effective power, making it critical to address the intermittency of renewable energy generation and the associated logistical complexities.
To overcome these hurdles, there is a need for more flexible, long-term power contracts that can cater to fluctuating energy demands. The existing challenges in balancing energy supply and storage require immediate attention, especially as advancements in energy storage technologies are still in the scaling phase. These issues are further compounded by infrastructure limitations and slow adoption of smart grid solutions.
The government plays a pivotal role in shaping the future of the C&I space. By incentivising investments in energy storage and offering clear, flexible policy frameworks, it can foster a more stable energy landscape for C&I customers. Additionally, prioritising investments in grid modernisation and facilitating better energy trading mechanisms will help mitigate the risks associated with renewable energy intermittency.
With sustained policy support and strategic infrastructure investments, India can ensure a seamless transition to a more resilient and sustainable energy system for the C&I sector, driving both economic growth and environmental progress.
Are you exploring diversification in areas such as green hydrogen or offshore wind as part of your future strategy?
Serentica is actively evaluating emerging opportunities, including green hydrogen and offshore wind, as part of our future diversification strategy. While both sectors hold great promise, especially with the global push for clean energy, the landscape is still evolving. Green hydrogen, for example, has gained traction, but its demand is currently limited and adoption remains in the early stages, primarily focused on specific geographies and industrial sectors. Given this, we are not pursuing green hydrogen or ammonia at this point, as the demand and returns are not yet clearly defined.
Similarly, while offshore wind presents a significant long-term opportunity, we recognise that it faces challenges related to resource availability, with only a limited capacity identified off the coasts of Gujarat and Tamil Nadu. There is potential for growth in this area, but its development is dependent on favourable regulatory policies and infrastructure development. If these challenges are addressed, offshore wind could play a key role in India’s renewable energy future.
For now, Serentica continues to focus on areas with clearer opportunities and returns, while closely monitoring these emerging sectors for future involvement. The focus remains on optimising current strategies to ensure continued growth and sustainability, while keeping an eye on evolving trends in green energy.
What is your outlook for the renewable energy sector in the near, medium and long terms?
India’s renewable energy sector is poised for sustained growth across the near, medium and long terms, supported by policy focus, technological advancements and strong investment momentum.
In the near term, we expect record-high solar additions, an increase in the deployment of hybrid and RTC systems, and growth in investments in energy storage contributing to enhanced grid stability and renewable integration.
Over the medium term, India’s target of achieving 500 GW of non-fossil fuel capacity by 2030 will shape the country’s clean energy road map. The share of natural gas in the energy mix is expected to rise from 6 per cent to nearly 10 per cent, while industrial decarbonisation, carbon capture and power distribution upgrades will further strengthen the sector. Policy reforms and financial incentives are encouraging deeper participation from both public and private players.
Looking ahead, the outlook remains optimistic, with green hydrogen emerging as a key pillar of the energy transition. Backed by a $2.4 billion subsidy, India aims to produce 5 million metric tonnes of green hydrogen annually by 2030. Additionally, the development of small modular nuclear reactors and increasing global collaborations are expected to play a supportive role in delivering a low-carbon energy future. These developments reflect India’s continued commitment to sustainability and self-reliance, positioning it as a global leader in clean energy.
What are the future plans of Serentica?
Serentica’s future plans are centred around a multifaceted approach to renewable energy development, with a focus on wind, solar, storage and energy trading. We are actively building a portfolio of around 4,000 MW of wind and solar projects across key states such as Rajasthan, Maharashtra and Karnataka, with an additional 3-4 GW expected from government contracts and new PPAs.
Looking ahead, we aim to achieve 17 GW of operating capacity by 2030, requiring an estimated investment of approximately Rs 1 trillion. These projects will be spread across solar, wind and PSPs, with a strategic focus on balancing megawatt usage, minimising capex and maximising SLA fulfilment.
In terms of projects, we are investing heavily in both long-term and short-term storage solutions, including third-party PHS projects and BESS. We are also developing our own PSPs in Chhattisgarh and Andhra Pradesh, with plans for more in the pipeline.
We are exploring international storage technologies and working to optimise energy exchange through our own trading licence. With this comprehensive strategy, Serentica is positioning itself to deliver stable, green and cost-effective power to customers while expanding our footprint in the renewable energy sector.
