Serentica Renewables: Company Profile

Background

Overview

Serentica Renewables, established in 2022, is a leading renewable energy company in India, focusing on providing round-the-clock clean energy solutions to large-scale, energy-intensive industries. The company specializes in industrial decarbonization by integrating solar, wind, and energy storage technologies to meet the unique energy needs of the commercial and industrial (C&I) sector.

Mission and Vision

Mission: To supply over 40 billion units of clean energy annually and displace 37 million tonnes of CO₂ emissions, thereby accelerating the clean energy transition for hard-to-abate industries.

Vision: To build a leading sustainable energy platform that accelerates the clean energy transition for hard-to-abate industries by providing round-the-clock renewable energy.

Industry Significance

Serentica plays a pivotal role in India's renewable energy sector by addressing the substantial energy demands of heavy industries, which are traditionally reliant on fossil fuels. By offering reliable and sustainable energy solutions, the company contributes significantly to the nation's decarbonization efforts and supports the transition towards a greener economy.

Key Strategic Focus

Core Objectives

Industrial Decarbonization: Provide comprehensive clean energy solutions to large-scale industries, enabling them to transition from conventional energy sources to sustainable alternatives.

Round-the-Clock Renewable Energy: Ensure a continuous and reliable supply of renewable energy to meet the operational needs of energy-intensive industries.

Areas of Specialization

Renewable Energy Integration: Combining solar, wind, and energy storage systems to deliver consistent and dependable clean energy.

Energy Storage Solutions: Implementing advanced storage technologies to balance energy supply and demand, ensuring uninterrupted power availability.

Key Technologies Utilized

Solar Photovoltaic Systems: Deploying large-scale solar farms to harness solar energy efficiently.

Wind Turbine Generators: Utilizing wind energy through strategically located wind farms.

Battery Energy Storage Systems: Employing cutting-edge storage solutions to store excess energy and release it during peak demand periods.

Primary Markets Targeted

Commercial and Industrial Sectors: Focusing on industries such as aluminum, steel, chemicals, oil & gas, and mining, which have high energy consumption and significant carbon footprints.

Financials and Funding

Funding History

Total Funds Raised: Serentica has secured substantial investments to support its growth and project development.

Recent Funding Rounds:

September 2023: Secured INR 2,600 crores from Power Finance Corporation Limited (PFC) for the development of 400 MW hybrid renewable energy projects in Karnataka.

January 2024: Raised approximately INR 3,500 crores (USD 425 million) from a consortium of international and domestic banks for a 530 MW round-the-clock renewable project.

May 2023: Secured an additional USD 250 million investment from KKR, building upon the previous USD 400 million commitment.

Notable Investors

KKR: A leading global investment firm that has committed a total of USD 650 million to Serentica, marking one of the largest industrial decarbonization investments in India to date.

Power Finance Corporation Limited (PFC): Provided INR 2,600 crores in September 2023 for renewable energy projects in Karnataka.

Utilization of Capital

The raised capital is primarily allocated towards the development and commissioning of renewable energy projects across various states in India, including Karnataka, Maharashtra, and Rajasthan. These funds support the construction of solar and wind farms, energy storage systems, and the establishment of necessary infrastructure to deliver reliable clean energy to industrial clients.

Pipeline Development

Key Pipeline Candidates

Karnataka Projects: Development of 400 MW hybrid renewable energy projects, combining solar and wind capacities, with secured connectivity to the inter-state transmission system (ISTS).

Rajasthan Projects: Construction of a 260 MW round-the-clock solar energy park in Bikaner, with commissioning expected within 24 months from September 2022.

Maharashtra Projects: Implementation of 950 MW round-the-clock renewable energy parks across three locations in Gadag and Koppal.

Stages of Development

Planning and Approvals: Securing necessary regulatory approvals and land acquisitions.

Construction: Erection of solar panels, wind turbines, and energy storage facilities.

Commissioning: Initiating operations and integrating the energy produced into the national grid.

Target Conditions

Energy-Intensive Industries: Providing sustainable energy solutions to sectors such as aluminum, steel, chemicals, oil & gas, and mining.

Anticipated Milestones

2024: Commissioning of approximately 1.7–1.8 GW of renewable generation and storage assets.

2025: Expansion to 3.7–3.8 GW capacity, with significant contributions from solar and wind projects.

Technological Platform and Innovation

Proprietary Technologies

Integrated Renewable Systems: Combining solar, wind, and energy storage technologies to deliver consistent and reliable clean energy.

Advanced Energy Storage Solutions: Implementing state-of-the-art storage systems to balance supply and demand, ensuring uninterrupted power availability.

Significant Scientific Methods

Hybrid Energy Modeling: Utilizing sophisticated algorithms to optimize the integration of solar and wind energy sources with storage systems.

Grid Integration Techniques: Developing methodologies to seamlessly integrate renewable energy into the existing power grid infrastructure.

Leadership Team

Key Executives

Pratik Agarwal: Chairman of Serentica Renewables, also serving as Managing Director of Sterlite Power Transmission Ltd.

Akshay Hiranandani: Chief Executive Officer, appointed in April 2023, bringing extensive experience in the renewable energy sector.

Professional Backgrounds

Pratik Agarwal: With over a decade in the transmission sector, he has been instrumental in leading Sterlite Power and now guides Serentica's strategic direction.

Akshay Hiranandani: A seasoned professional in renewable energy, he has held leadership roles in various energy companies, focusing on sustainable development and project execution.

Key Contributions

Pratik Agarwal: Spearheaded the establishment of Serentica Renewables, leveraging his expertise to secure significant investments and partnerships.

Akshay Hiranandani: Oversees the operational and strategic aspects of Serentica, driving the company's growth and project implementation.

Competitor Profile

Market Insights and Dynamics

Market Size and Growth Potential: The Indian renewable energy sector is experiencing rapid growth, with increasing investments and government support aimed at achieving ambitious clean energy targets.

Industry Trends: A shift towards large-scale renewable projects, integration of energy storage solutions, and a focus on decarbonizing industrial sectors are prominent trends.

Competitor Analysis

ReNew Power: A leading renewable energy company in India, focusing on wind and solar power projects.

Adani Green Energy: Part of the Adani Group, specializing in renewable energy generation and distribution.

Tata Power Renewable Energy: A subsidiary of Tata Power, engaged in the development of renewable energy projects across India.

Strategic Collaborations and Partnerships

Hindustan Zinc: Expanded partnership to increase renewable energy capacity to 530 MW, ensuring a guaranteed supply of at least 315 MW in every 15-minute time block.

NTPC: Signed a Power Purchase Agreement to supply 200 MW of firm dispatchable renewable energy to Uttar Pradesh, integrating over 600 MW of hybrid solar, wind, and battery storage assets.