Serentica Renewables has signed a long-term Power Purchase Agreement (PPA) with MRF Limited, India's largest tyre manufacturer, to supply clean power under the captive power framework. The agreement, announced on October 10, 2025, represents a significant milestone in Serentica's growth journey as it expands renewable energy solutions for large industrial clients seeking flexible and reliable clean power.

Project Structure and Capacity

The clean energy will be supplied from a new hybrid renewable energy project with a total installed capacity of around 170 MW, currently under development by Serentica Renewables. The project will integrate both solar and wind generation to deliver round-the-clock renewable energy for MRF's manufacturing facilities across India through the ISTS (Inter-State Transmission System) network.

A Special Purpose Vehicle (SPV) was explicitly created to supply renewable energy power to MRF, with MRF holding a captive minority stake, while Serentica holds the rest. This captive arrangement will allow MRF to meet its substantial electricity requirements, supporting its ongoing sustainability and net-zero ambitions.

Strategic Partnership Impact

Akshay Hiranandani, CEO of Serentica Renewables, commented on the partnership, stating: "Our partnership with MRF marks another major step in enabling India's industrial decarbonization journey. By combining renewable energy with cutting-edge storage and hybrid solutions, we are delivering clean and reliable power to help leading industries like MRF transition to a sustainable future."

This partnership further reinforces Serentica's commitment to accelerating clean energy adoption in India's industrial and manufacturing sectors, complementing its growing portfolio of renewable energy projects across the country.

Company Background and Achievements

Serentica Renewables was established in 2022 as a leading renewable independent power producer (IPP) committed to decarbonizing hard-to-abate industries by providing firm dispatchable renewable energy (FDRE) solutions. The company envisions making renewables the primary energy source across India's energy landscape, driving large-scale decarbonization, and contributing to the nation's broader goals, including through government tenders.

The company has achieved a significant milestone by reaching 1,000 MW of renewable energy capacity, with ongoing projects across multiple states. Serentica leverages a mix of solar, wind, energy storage, and advanced balancing solutions in its operations. The company's innovative approach ensures reliable and cost-effective green power for its growing customer base, which includes some of India's largest energy-intensive industries.

Financial Backing and Future Goals

Serentica is backed by a USD 650 million investment from KKR. The company aims to supply over 50 billion units of clean energy annually, which would enable the displacement of 47 million tons of CO2 emissions. With a strong pipeline of projects under development, the company positions itself at the forefront of India's energy transition, deploying cutting-edge technology and innovative contractual structures to accelerate the shift to sustainable power.

The partnership with MRF represents part of Serentica's broader strategy to serve Commercial & Industrial (C&I) and utility customers as India's largest decarbonization platform. The company continues to expand its renewable energy portfolio through various partnerships and projects across multiple Indian states, focusing on providing comprehensive solutions that combine different renewable energy technologies with storage capabilities.

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