Serentica Renewables, a step-down unit of Vedanta promoter Anil Agarwal’s Volcan Investments, will launch a renewable energy platform in India to provide round-the-clock carbon-free power to energy-intensive industries such as steel, cement, aluminum, and zinc. The platform will provide end-to-end green solutions to consumers, including connectivity to the appropriate transmission network.
The company plans to install and commission 1.5 GW of solar and wind capacity in India in 24 months. It will build this capacity across multiple sites in the states of Karnataka, Rajasthan, and Maharashtra, where it has already acquired connectivity approvals. A large part of this capacity will be used to deliver close to 600 MW of round-the-clock clean energy to various entities of the Vedanta Group.
Hindustan Zinc, an arm of Vedanta Group unit, signed an agreement on Sept. 2 with special-purpose vehicle Serentica Renewables India for long-term delivery of up to 200 MW of renewables.
“Serentica will also participate selectively in Government tenders subject to the project having synergies with its overall focus of providing direct green energy solutions to commercial and industrial customers,” said the company.
Over the medium-term, Serentica aims to install 5 GW of clean energy, coupled with different storage technologies. Eventually, it aims to supply more than 15 billion units of clean energy per year and displace 20 million tons of CO2 emissions.
Serentica Renewables is 100% owned by Twinstar Overseas Ltd., a unit of Volcan Investments. Twinstar Overseas also owns controlling stakes in Sterlite Power Transmission and Sterlite Technologies.
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