Led · Debt Financing · Sep 2023

Serentica Renewables develops utility-scale renewable energy projects, including wind-solar hybrids, to supply firm round-the-clock clean power. The company is targeting development of 4 GW of capacity and aims to supply over 40 billion units of clean energy annually in the medium term. It seeks to displace 37 million tons of CO2 emissions and deliver dispatchable green power to industrial customers. Current projects include a 530 MW wind-solar hybrid to be built in Rajasthan and Maharashtra that will supply Hindustan Zinc and replace 24% of its coal-based power. Serentica was established in 2022 and has completed prior financings for its Karnataka hybrid projects and received equity investments from Kohlberg Kravis Roberts in 2022 and 2023. The company has closed both debt and equity transactions as it scales project development across India. Serentica develops renewable energy assets—solar, wind, and energy storage—to supply continuous green power to large energy-consuming commercial and industrial clients. Founded in 2022 and based in Gurugram, the company is pursuing a nationwide buildout of 4 GW of renewable capacity, including 400 MW of wind and solar in Karnataka. Its medium-term target is to deliver over 40 billion units of clean energy annually and to displace 37 million tonnes of CO2. The company positions itself as a primary clean-energy supplier for industries that consume a large share of India’s electricity. Financially, Serentica has secured both equity and debt commitments, most recently a debt package from a state-owned lender to fund upcoming hybrid projects in Karnataka. Serentica Renewables provides complex clean-energy solutions to enable decarbonization of large-scale, energy-intensive and hard-to-abate industries, focusing on combinations of solar, wind, storage and balancing solutions. The company structures long-term power purchase agreements (PPAs) and works with customers to design pathways to net-zero electricity. Serentica has entered into three long-term PPAs and is developing roughly 1,500 MW of solar and wind projects across Karnataka, Rajasthan and Maharashtra. Its medium-term target is to install 5,000 MW of carbon-free generation capacity, couple that with storage technologies, supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2. Serentica was established in 2022 and is 100% held by Twinstar Overseas Limited, which also holds controlling stakes in Sterlite Power Transmission Limited and Sterlite Technologies Ltd. The company positions itself to supply clean energy alternatives to India’s commercial and industrial segment as the country advances its energy transition.