Serentica Renewables, a subsidiary of the Vedanta Group, has announced ambitious investment plans totaling up to Rs 30,000 crore by the fiscal year 2026-27. The investment will encompass both ongoing and new projects as the company seeks to bolster its renewable energy portfolio.
Pratik Agarwal, Chairman of Serentica Renewables, expressed confidence in the company’s capital expenditure plans, emphasizing their commitment to renewable energy. He stated, “Looking ahead, our capital expenditure plans for renewable energy remain strong. Including ongoing projects, we expect to invest around Rs 25,000-30,000 crore over the next three financial years.”
With a vision of achieving 17 GW of renewable energy capacity by 2030, Serentica Renewables aims to install 10 GW by 2027, with a primary focus on the commercial and industrial (C&I) sector. Agarwal highlighted the company’s strategy of developing customized solutions to meet the diverse energy needs of C&I customers, including tailored contracts and participation in government tenders for round-the-clock (RTC) and firm and dispatchable renewable energy (FDRE) projects.
In the fiscal year 2024-25, the company plans to invest approximately Rs 15,000 crore in developing wind and solar RTC hybrid projects. Agarwal mentioned that a significant portion of the equity required for these investments has been secured, with KKR committing $650 million to Serentica.
To fund future growth initiatives, Serentica Renewables intends to raise an additional $300 million from existing shareholders and external investors. Earlier this year, the company secured a foreign currency loan of Rs 3,500 crore for its RTC project.
Serentica’s investment plans align with a broader trend in the renewable energy sector, with several companies announcing significant capex initiatives. JSW Energy recently raised Rs 5,000 crore for its renewable arm, JSW Neo Energy, while Tata Power has committed to investing Rs 60,000 crore over the next three years, with a substantial portion earmarked for renewables.
Last year, ReNew Power signed memorandums of understanding (MoUs) to access debt funding worth over $13 billion, underscoring the industry’s growing appetite for renewable energy investments.
Serentica Renewables’ ambitious investment roadmap reflects its commitment to sustainability and renewable energy advancement, positioning it as a key player in India’s renewable energy landscape.
