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Serentica Renewables has partnered with MRF Ltd to set up a 170 MW solar-wind hybrid project to supply captive clean energy to the tyre manufacturer's facilities across India. A special purpose vehicle has been formed for this initiative, with MRF holding a minority stake and Serentica retaining the majority. The company has also entered into a long-term Power Purchase Agreement with MRF under the captive power model. The project will utilize the Inter-State Transmission System (ISTS) network to deliver round-the-clock renewable energy, helping MRF advance its sustainability and net-zero goals.
Serentica Renewables has announced its plan to develop a solar-wind hybrid power project with an installed capacity of 170 MW to supply captive renewable energy to MRF Ltd. The partnership is structured through a special purpose vehicle (SPV) created specifically for this purpose, in which MRF holds a minority captive stake while the remaining share is held by Serentica. Advertisement
The renewable energy producer has signed a long-term Power Purchase Agreement (PPA) with MRF to ensure a steady supply of clean power under the captive power framework. The hybrid project, which is currently under development, will combine both solar and wind generation systems to provide consistent renewable electricity to MRF's manufacturing plants across the country through the Inter-State Transmission System (ISTS) network.
This collaboration is expected to support MRF's efforts toward achieving sustainability and net-zero targets by reducing its dependence on conventional power sources. The captive power setup will allow the tyre manufacturer to meet a significant share of its energy demand through renewable means, aligning with India's broader industrial decarbonization goals.
Serentica Renewables' Chief Executive Officer, Akshay Hiranandani, said that the company aims to help industries like MRF transition to cleaner operations by combining renewable generation with advanced storage and hybrid technologies to ensure reliable power delivery.
Founded in 2022, Serentica Renewables operates as an independent power producer focused on providing firm and dispatchable renewable energy to industries that are difficult to decarbonize. The company has already achieved a milestone of 1,000 MW of renewable capacity through projects under development in multiple states, integrating solar, wind, and energy storage systems.
Supported by a USD 650 million investment from global investor KKR, Serentica plans to supply over 50 billion units of renewable power annually in the coming years, potentially displacing around 47 million tonnes of CO2 emissions.
Source PTI
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