Hyderabad, Telangana – April 30, 2024: Serentica Renewables, a subsidiary of Vedanta Group, has announced ambitious plans to invest up to ₹30,000 crore (US$4.2 billion) in renewable energy projects by FY27 (fiscal year ending March 2027). This aggressive investment strategy underscores the company’s commitment to becoming a significant player in India’s clean energy sector.

Targeting 10 GW Capacity by 2027

Serentica Renewables aims to achieve a significant capacity increase, targeting 10 GW of renewable energy generation by 2027. This ambitious target represents a crucial step towards their long-term goal of reaching 17 GW by 2030.

Focus on the Commercial and Industrial Sector

The company is strategically prioritizing the commercial and industrial (C&I) sector. To cater to the diverse energy needs of C&I customers, Serentica Renewables is developing customized solutions, including tailored contracts and participation in government tenders for round-the-clock (RTC) and firm & dispatchable renewable energy (FDRE) projects.

Investment Plans and Funding Strategies

In FY25 (fiscal year ending March 2025), Serentica Renewables has earmarked around ₹15,000 crore (US$2.1 billion) for wind and solar RTC hybrid projects. Demonstrating its financial commitment, the company has already secured a ₹3,500 crore (US$490 million) foreign currency loan for its RTC project earlier this year.

To fuel future growth, Serentica Renewables plans to raise an additional USD$300 million through a combination of existing shareholders and outside investors. This multi-pronged approach ensures they have the capital to execute their ambitious expansion plans.

Serentica Renewables’ significant investment plans position them as a critical driver of India’s clean energy transition. Their focus on the C & I sector and innovative solutions could revolutionize how businesses access renewable energy.