Serentica Renewables

What Serentica Renewables does

Serentica Renewables is an India-based independent power producer (IPP) founded in 2022 and headquartered in Gurugram that delivers firm, dispatchable round-the-clock (RTC) renewable energy to large commercial and industrial (C&I) customers in hard-to-abate sectors such as aluminum, steel, zinc, oil & gas, textiles, tyres, and industrial gases. As of mid-2026 the company reported 2,500+ MW operational and 3,000+ MW under construction, with a publicly stated pipeline target of 27,000 MW and a corporate aspiration to reach 17 GW by 2029/30. Its customer base includes Hindustan Zinc (530 MW), BALCO (300 MW), MRF (170 MW), INOX Air Products (75 MW), Sanathan Polycot (32 MW), Cairn Oil & Gas (25 MW), and government offtakers NTPC and SECI.

The technical core combines geographically distributed solar and wind generation, Battery Energy Storage Systems (BESS) including a planned 2,400 MWh single-location installation for the SECI FDRE VII tender, and a 1,500 MWh contracted dedicated storage partnership with Greenko Group. Serentica sells what it describes as a first-of-its-kind 15-minute time block-based firm renewable energy contract guaranteeing a minimum megawatt delivery in every block, achieving 55-85% Capacity Utilization Factor (CUF). Multi-location delivery is enabled through the Inter-State Transmission System (ISTS) framework, and dispatch balancing is performed using physical storage assets together with day-ahead and real-time market products. The company also publishes a Decarbonisation Calculator, a customer-facing digital tool for sizing renewable energy needs.

The business model is anchored on long-term 15-25 year Power Purchase Agreements (PPAs) and Power Delivery Agreements (PDAs) with industrial offtakers, supplemented by wins in competitive government tenders issued by SECI and NTPC. Pricing is quote-based; the SECI FDRE VII Assured Peak tender cleared at Rs 6.28/kWh for a 600 MW allocation. The company is privately held, with $650 million in equity from KKR (November 2022 and May 2023) and an estimated $2.5 billion in debt from Power Finance Corporation, REC, RBI-classified consortium ECBs led by Rabobank and Société Générale, and domestic lenders, supporting the capital-intensive buildout.

Name

Serentica Renewables

Legal name

Serentica Renewables

Website

https://www.serenticaglobal.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Serentica Renewables is an India-based renewable energy IPP delivering round-the-clock firm dispatchable clean power through hybrid solar, wind, and battery storage to commercial and industrial customers in hard-to-abate sectors.

Ownership category

akta.pro rank

Product category

Industrial Renewable Energy Supply and Decarbonization

NAICS

Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI)

akta.pro secondary industries

C&I PPAs & Virtual PPAs (VPPA) Origination & Management (EUAGACAF), PPA Origination, Structuring & Offtake Contracting (Physical/Financial, Sleeves) (EUAMAMAD), Contracted Wind Power Generation (PPA/CFD/FiT-backed) (EUACAFAJ)

Keywords

• Industrial renewable energy
• Hybrid energy storage
• Firm dispatchable power
• Power purchase agreements
• Industrial decarbonization

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Long-term Power Purchase Agreements (PPAs) with C&I Customers: Serentica generates revenue through long-term PPAs and Power Delivery Agreements (PDAs) with commercial and industrial consumers. These agreements typically span 15-25 years and supply firm dispatchable renewable energy under captive or non-captive structures. Revenue is based on capacity contracted (MW) and energy delivered (units), with pricing typically competitive with grid tariffs.
2. Government Tenders (SECI/NTPC): Revenue from winning competitive tenders issued by Solar Energy Corporation of India (SECI) and NTPC for renewable energy supply to state distribution companies. Projects under these agreements have 25-year PPAs with intermediary nodal agencies.
3. Captive Power Agreements: Special Purpose Vehicles (SPVs) established with customer equity participation (typically 26% customer stake) to supply dedicated renewable energy for captive consumption, providing long-term revenue visibility with industrial customers.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Serentica Renewables generates and supplies round-the-clock (RTC) firm dispatchable renewable energy (FDRE) to industrial and commercial customers in India by combining hybrid solar, wind, and battery energy storage systems across geographically distributed projects. The company secures long-term Power Purchase Agreements (PPAs) and Power Delivery Agreements (PDAs) — typically 15-25 years — with energy-intensive industrial off-takers such as Hindustan Zinc, MRF, BALCO, Cairn Oil and Gas, Sanathan Polycot, and INOX Air Products, and also supplies utility distribution companies through competitive SECI and NTPC tenders. Its offering delivers 55-85% round-the-clock capacity utilization with guaranteed minimum power in every 15-minute time block.

Product overview

Serentica Renewables operates as a renewable energy independent power producer (IPP) with a platform approach combining multiple technologies - solar, wind, and battery storage - to deliver round-the-clock (RTC) firm renewable energy to industrial customers. The core offerings include RTC Renewable Energy Supply integrating hybrid solar-wind projects with Battery Energy Storage Systems (BESS), Firm Dispatchable Renewable Energy (FDRE) solutions, and customized Power Delivery Agreements. Supporting services include predictive forecasting and scheduling, alongside a Decarbonisation Calculator tool. The company operates geographically distributed project portfolios across Karnataka (2,150 MW), Rajasthan (2,760+ MW with storage), Maharashtra (1,000 MW), and Andhra Pradesh (1,000 MW with 10 GW planned). Storage partnerships with Greenko Group (1,500 MWh) and BESS deployments of 200-2,500 MWh at various sites enable reliable non-solar hour delivery. The platform targets hard-to-abate industrial sectors requiring consistent, dispatchable clean power.

Differentiator

Problem solved

Functional benefit

Products and services

• Round-the-Clock (RTC) Renewable Energy Supply Delivers continuous firm renewable energy at 55-95% Capacity Utilization Factor (CUF) by combining solar, wind, and battery energy storage to address renewable intermittency and ensure uninterrupted power supply for industrial customers.
• Firm Dispatchable Renewable Energy (FDRE) Reliable, on-demand renewable power solutions that meet specified delivery ratios during peak demand periods by combining renewable generation with storage; delivered as multi-year off-take contracts to utilities and DISCOMs.
• Hybrid Solar-Wind Renewable Energy Projects Integrated renewable energy projects combining co-located and geographically distributed solar and wind generation to maximize capacity factors and provide reliable, dispatchable power to industrial and utility customers.
• Battery Energy Storage Systems (BESS) Large-scale battery storage solutions installed alongside solar and wind assets to enable firm dispatchable renewable energy during non-solar hours, manage peak demand, and meet FDRE Demand Fulfilment Ratio obligations.
• Captive Renewable Power via SPV Arrangements Project-specific Special Purpose Vehicles (SPVs) established with customer equity participation (typically 26%) to supply dedicated renewable energy for captive consumption, providing long-term revenue visibility with industrial customers.
• Decarbonisation Calculator Online tool helping organizations estimate conventional energy displacement through hybrid renewable energy selection based on MW capacity and desired Capacity Utilization Factor (CUF).

Quantifiable outcome

• 530 MW renewable energy capacity for Hindustan Zinc, meeting 70% of power requirements
• +5 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• NISE and NLDC (Hybrid Solar Forecasting Partnership)minorStrategic or Co-development Partner · 4 February 2026Serentica is one of the renewable energy developers partnering with National Institute of Solar Energy (NISE) and National Load Despatch Centre (NLDC) to develop hybrid solar forecasting framework for large utility-scale solar parks.
• Envision Energy IndiacoreTechnology or Integration · 30 September 2025Envision Energy India supplying Wind Turbine Generators (WTGs) for Serentica's 560 MW wind project in Karnataka and Maharashtra. Features 5MW rated capacity smart turbines with delivery commencing February 2026.
• StatkraftcoreStrategic or Co-development Partner · 15 September 2025Serentica acquired Statkraft's Indian solar business comprising 445 MWp operational solar plant at Bikaner and 1 GWp of development assets across Rajasthan for Rs 1,942-2,207 crore. Transaction expected to grow operating portfolio to 1.5 GW.
• SANY RenewablecoreTechnology or Integration · 22 July 2025SANY Renewable supplying Wind Turbine Generators for 336 MW wind project in Karnataka. Features 4 MW rated capacity turbines with delivery expected by December 2025.
• BALCO (Bharat Aluminium Company Limited)coreOthers · 4 June 2025300 MW solar project in Rajasthan to supply green energy to BALCO, one of India's leading aluminum producers and Vedanta Group subsidiary. ECB financing of $100+ million secured from Rabobank and Société Générale.
• Greenko GroupcoreStrategic or Co-development Partner · 14 November 2023Partnership for 1,500 MWh of dedicated energy storage capacity from Greenko's pumped hydro and battery storage assets in Andhra Pradesh and Madhya Pradesh. Enables delivery of assured round-the-clock carbon-free power to industrial clients.

Scale indicators16 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Azure Power Global: India-focused renewable IPP with utility-scale solar and wind assets under SECI and state tenders. Overlapping customer base in DISCOMs and C&I segment, plus similar NYSE-listed (now taken private) capital structure history.
• Adani Green Energy: India's largest renewable IPP with hybrid solar-wind-storage portfolio and significant C&I exposure. Operates at far larger scale but competes for the same hybrid FDRE mandates, SECI/NTPC tenders, and large industrial offtakers as Serentica.
• JSW Energy: Indian power company with growing renewable portfolio and corporate PPAs to JSW Group industrial customers (steel, cement, paints). Competes for the same hybrid renewable + storage industrial decarbonization contracts as Serentica.
• Acme Solar Holdings: Indian renewable IPP with operational solar portfolio and growing storage pipeline. Recently listed (2024 IPO); competes with Serentica in SECI tenders, hybrid project auctions, and large-scale C&I PPAs.
• Hero Future Energies: Renewable IPP focused on solar, wind, and hybrid projects for C&I and utility customers across India. Comparable scale to Serentica with similar open-access PPA and FDRE business model targeting industrial decarbonization.
• Tata Power Renewable Energy: Renewable arm of Tata Power with hybrid solar-wind-storage projects serving commercial and industrial customers in India. Shares the same FDRE/ISTs framework and competes for hard-to-abate sector decarbonization mandates.
• Greenko Group: India's largest energy storage platform and renewable IPP with significant pumped hydro and wind/solar assets. Both a strategic partner (1,500 MWh storage contract) and direct competitor in the FDRE and large-scale renewable project development space.
• AMPIN Energy Transition: C&I-focused renewable energy company in India delivering open-access and RTC solutions to industrial customers. Comparable mid-scale platform positioning with hybrid solar and storage offerings targeting the same hard-to-abate sector.
• ReNew Power: One of India's largest renewable IPPs by capacity, with a hybrid solar-wind-storage portfolio and direct C&I customer contracts. Competes head-to-head with Serentica for industrial PPAs, government tenders, and institutional capital.

Broad incumbents

• Reliance New Energy / Reliance Industries: Through Reliance New Energy and acquisitions (like Fourth Partner Energy), Reliance is building a large-scale renewable + storage platform serving its captive petrochemical demand and external C&I customers. A much larger incumbent with broader portfolio and deeper balance sheet competing for the same industrial decarbonization mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SerenticaGlobal
• Facebookfacebook.com/serenticarenewables
• LinkedInlinkedin.com/company/serenticaglobal

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds7 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Serentica Renewables