By FY27, Serentica plans to invest up to Rs 30,000 crore

The Vedanta Group company Serentica Renewables plans to spend up to ~30,000 crore in its projects by FY27, including those that are already underway.

“Our capital spending intentions for renewable energy are quite robust going forward. We anticipate investing between Rs 25,000 and Rs 30,000 crore over the next three fiscal years, including active projects, according to Serentica Renewables Chairman Pratik Agarwal.

The business wants to construct 10 GW of renewable energy capacity by 2027, with a particular emphasis on the commercial and industrial (C&I) sector, with a target of attaining 17 GW by 2030, according to Agarwal.

It is creating tailored solutions to satisfy the various energy demands of C&I clients in order to accomplish this aim. According to him, this entails providing customized contracts and taking part in government competitions for firm and dispatchable renewable energy (FDRE) and round-the-clock (RTC) projects.

 

According to him, the business plans to spend over Rs 15,000 crore in establishing RTC hybrid wind and solar projects in FY25.

The majority of our ownership is linked to KKR’s $650 million investment in our platform for renewable energy, Serentica. We want to raise $300 million from both outside and current investors in order to finance our expansion,” he said.

For its RTC project, the business secured a foreign currency loan of Rs 3,500 crore at the beginning of this year.

Comparators have also scheduled capital expenditures for renewable energy initiatives.

For example, JSW Energy has collected `5,000 crore to fund its renewable division, JSW Neo Energy, as well as debt payments.

Nearly half of the ~60,000 crore that Tata Power plans to spend over the next three years would go toward renewable energy.

Last year, ReNew secured memorandum of understandings (MoUs) to acquire loan capital worth over $13 billion, with institutions including Asian Development Bank, Power Finance Corporation and REC.