Serentica To Build 170 MW Hybrid Project For MRF

A special purpose vehicle (SPV) has been formed for the project, in which MRF holds a minority captive stake, while the remaining equity is held by Serentica. The two firms have signed a long-term Power Purchase Agreement (PPA) under the captive power framework.

The new hybrid renewable energy facility, currently under development, will combine solar and wind generation to provide round-the-clock clean power to MRF’s manufacturing plants across India through the Inter-State Transmission System (ISTS) network.

The arrangement will help MRF meet its significant electricity needs while advancing its sustainability and net-zero targets.

“By combining renewable energy with advanced storage and hybrid solutions, we are providing clean and reliable power to help industries like MRF transition towards a sustainable future,” said Akshay Hiranandani, CEO of Serentica Renewables.

Founded in 2022, Serentica is a leading renewable independent power producer (IPP) focused on decarbonising hard-to-abate sectors through firm dispatchable renewable energy (FDRE) solutions. The company has reached 1,000 MW of installed renewable capacity across multiple states, leveraging a mix of solar, wind, energy storage, and balancing technologies.

Backed by a USD 650 million (Rs 54.7 billion) investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, helping avoid approximately 47 million tonnes of CO? emissions each year.

The MRF partnership marks another key milestone in Serentica’s mission to deliver sustainable, firm renewable power to India’s leading industrial consumers.