Serentica Renewables has announced the appointment of Akshay Hiranandani as its chief executive officer. In this role, Hiranandani will work closely with Serentica Renewables director Pratik Agarwal.
Hiranandani served as the corporate finance lead for Serentica from 2021 to 2023. Under his leadership, Serentica executed the strategic capital raise for the organization. In his career spanning two decades, Hiranandani spearheaded a series of high-impact capital infrastructure investments and worked with renewable power producers like SunEdison and Skypower, developing over 1 GW of projects.
Serentica aims to provide assured, renewable energy through a combination of solar, wind, energy storage, and balancing solutions. The company has signed three long-term power purchase agreements (PPAs) and is in the process of developing 1.5 GW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra.
Over the medium term, Serentica aims to install 5 GW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually, and displace 20 million tonnes of CO2 emissions.
Serentica Renewables is jointly owned by Greenlake Asia Holdings (KKR) and Twinstar Overseas, a unit of Vedanta promoter Anil Agarwal’s Volcan Investments. Twinstar Overseas also owns controlling stakes in Sterlite Power Transmission and Sterlite Technologies.
In November 2022, in one of the largest decarbonization investments in India to date, the company secured a $400 million investment from global investment firm KKR.
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