Mumbai: Serentica Renewables has signed a long-term Power Purchase Agreement (PPA) with MRF Limited, India’s largest tyre manufacturer, to supply renewable energy under the captive power framework. According to a statement issued on Monday, a special purpose vehicle (SPV) has been created to supply renewable power to MRF. The tyre maker holds a captive minority stake in the SPV, while the remaining equity is owned by Serentica.
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The clean power will be sourced from a 170 MW hybrid renewable energy project currently being developed by Serentica. The project will integrate both solar and wind capacity to ensure round-the-clock renewable supply through the Inter-State Transmission System (ISTS) network.
The arrangement will enable MRF to meet a large portion of its electricity requirements from clean sources, advancing its sustainability and net-zero goals. It also adds to Serentica’s growing portfolio of industrial decarbonisation partnerships.
Commenting on the partnership, Akshay Hiranandani, CEO of Serentica Renewables, said, “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.”
Serentica said the agreement highlights its focus on flexible, reliable renewable energy solutions for large industrial consumers seeking to cut carbon emissions.
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Founded in 2022, Serentica Renewables is an independent power producer (IPP) focused on decarbonising hard-to-abate sectors through firm, dispatchable renewable energy (FDRE) solutions. The company, backed by a USD 650 million investment from KKR, has achieved 1,000 MW of renewable capacity across multiple states and aims to supply over 50 billion units of clean energy annually — helping offset about 47 million tons of CO₂.