Latest news with #Serentica
Time of India
22-07-2025
- Business
- Time of India
Serentica awards 336 MW wind turbine order to SANY for Karnataka project
New Delhi: Serentica Renewables has awarded a contract to SANY Renewable to supply wind turbine generators (WTGs) for its 336 MW wind energy project in Karnataka. The project will feature turbines rated at 4 MW each, with deliveries expected to begin by December 2025. The project marks a key development in Serentica's renewable energy portfolio aimed at delivering round-the-clock green power to energy-intensive industries. SANY's turbines were selected based on performance parameters including reliability, operational efficiency, and sustained power delivery. SANY Renewable's order book in India has crossed 3 GW. Its turbines are already operational in several Indian locations. Akshay Hiranandani, CEO, Serentica Renewables, said, ' 336 MW wind project in Karnataka will play a pivotal role in reducing carbon emissions while providing a reliable, renewable energy source to industrial consumers. We are confident that this collaboration with Sany Renewables India will be instrumental in the success of the project and India's renewable energy goals.' Gaurav Amdekar, COO, SANY Wind Energy India, said, 'We are thrilled to partner with Serentica Renewables for this project. Our 4MW platform have been designed to deliver optimal performance in diverse conditions, and we are excited to contribute to India's wind energy capacity with this project. This partnership demonstrates our shared commitment to driving the transition to a low-carbon economy and contributing to India's renewable energy targets
Mint
12-07-2025
- Business
- Mint
Statkraft has put India assets on the block. But suitors have turned selective
Next Story Sneha Shah , Nehal Chaliawala JSW Group, Serentica, Sembcorp, Blackstone, and Macquarie vie for solar assets of Norwegian state-owned firm Statkraft India has a total renewable portfolio of around 1GW, including solar and hydro power. Gift this article Mumbai: The list of suitors for the renewable energy assets of Norwegian state-owned firm Statkraft has narrowed to five, who are now evaluating the solar assets of the company at an equity value of ₹ 3,000 crore. Mumbai: The list of suitors for the renewable energy assets of Norwegian state-owned firm Statkraft has narrowed to five, who are now evaluating the solar assets of the company at an equity value of ₹ 3,000 crore. While the multi-national renewable energy major owns hydropower assets as well in India, the solar business is likely to be sold first, said four people with the knowledge of development said. The buyers include domestic power companies as well as private equity firms including JSW Group, Serentica, Sembcorp, Blackstone, and Macquarie. The prospective buyers are working with the company to carve out different deals depending on their interest as the entire portfolio of solar and hydropower assets is too large for one buyer, these people said. 'While strategics such as JSW Group and Sembcorp are mainly interested in the solar assets of the company, firms such as Blackstone and Serentica would be looking at the hydro assets as well," one of the persons cited above said. 'It's a large portfolio so there is scope of different structures. It depends on how they can get maximum value," a second person said. PE firms such as Macquarie are likely to initially only evaluate acquiring the solar assets of Statkraft AS in India, the second person cited above said. Statkraft India has a total renewable portfolio of around 1 GW, including solar and hydro power. These include a 76-MW operational solar power plant in Tamil Nadu, and another 75 MW of solar capacity being developed at the same location. A 445-MW solar power project in Rajasthan is nearing completion. Its hydropower assets include a 49% stake in two operating hydropower assets in Himachal Pradesh at Allain Duhangan (192 MW) and Malana (86 MW). Another hydropower plant of 150 MW capacity is under construction in the state at Tidong. Though the equity value of its solar plants is likely to fetch the group around ₹ 3,400 crore or $400 million in equity value, the overall enterprise value is likely to exceed $700-750 million after accounting for debt, the third person cited above said. 'Most of the solar power plants of the company are either already operational or likely to be operational soon. Hydro, however, is a complex deal where we expect asset by asset sale," the fourth person in the know said. The fact that the hydropower assets are joint ventures–with LNJ Bhilwara group–also complicates the deal for potential suitors. A spokesperson for Macquarie Group declined to comment. Emailed queries to Statkraft, Blackstone, Serentica, Sembcorp and JSW Group did not elicit any response. Also Read | Another PLI scheme hits the Chinese wall The Norwegian group's decision to sell its India assets comes after a steady slide in overall revenue for the group and mounting debt. It has decided to sell its Indian assets and focus on other high-potential markets in the Nordics, Europe and South America to meet its growth targets. Statkraft is the largest renewable energy producer in Europe with an installed capacity of 19.4 GW, of which 12.1 GW is hydropower capacity in Norway. Topics You May Be Interested In Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Mint
27-06-2025
- Business
- Mint
JSW, Serentica, Actis, Blackstone, Brookfield in the fray to buy Vibrant Energy
Financial and strategic investors, including JSW Group, Vedanta Group's Serentica, Blackstone, Brookfield, Sembcorp, and Actis, are looking at acquiring Vibrant Energy, a renewable energy company owned by Macquarie Group. Three people with direct knowledge of the deal said non-binding bids will come in by early next month. The first person cited above said Standard Chartered Bank, which is helping the Australia-based investment firm with the sale, has lined up 8-10 large buyers who are willing to examine the asset. 'A large group has been reached out to. Most prominent ones are JSW, Serentica, Brookfield, Blackstone, Actis and Sembcorp," the person added. The second person mentioned above said the company has an enterprise value of around $600-700 million or ₹5,000-5,700 crore. Enterprise value includes equity and debt on the books. He added that the equity value of the company stands at around $250-300 million. Vibrant Energy Holdings is the parent company under which the India portfolio is housed through Aragorn Holding Co. Macquarie Corporate Holdings Pty owns around 90% of Aragorn Holding, while ATN International Inc. holds the remaining stake through various step-down subsidiaries. Macquarie had first put Vibrant on sale in early 2023, when it had about 132 MW of operational assets. However, over a year later, it shelved the divestment plans due to a valuation mismatch. It re-engaged buyers earlier this year as merger and acquisition activity again picked up pace in the renewable energy sector after a brief lull. Vibrant Energy mainly develops open-access wind and solar power generation for corporate customers, mainly through the group captive route. Under this mechanism, a corporate client acquires at least 26% equity in a special purpose vehicle set up to develop a renewable energy power plant and signs a 25-year power purchase agreement. Vibrant has such deals with leading cement maker UltraTech and glassmaker Saint-Gobain India. Other key clients include e-commerce major Amazon and data centre company Sify Technologies. The company has about 1,900 MW of solar and wind projects in India under various stages of completion. About 235 MW of this was operational as of December 2024, while 476 MW was under construction, as per a credit report by Care Ratings. The remaining capacity was in the pipeline. This puts the Vibrant Energy transaction in the league of other significant acquisitions in India's renewable energy market. For instance, JSW Energy in December acquired O2 Power, which has about 4,700 MW of assets, including those under development, at an enterprise value of ₹12,468 crore. As of FY 2025, O2 Power had operational assets of about 1,343 MW. Earlier this year, ONGC NTPC Green Pvt. Ltd acquired the 4,112-MW platform Ayana Renewable Power for an enterprise value of ₹19,500 crore. The company had about 2,123 MW of operational assets. Separately, Actis, one of the contenders for acquiring Vibrant Energy, recently acquired SunSource Energy in India, according to two people in the know. SunSource is a renewable energy portfolio company of Dutch multinational SHV Energy. It operates about 250 MW of solar projects in India and has another 330 MW under development. Brookfield, Macquarie and Serentica declined to comment on the deal. Actis, Blackstone, Sembcorp, JSW and SunSource spokespersons did not respond to emailed queries. Sydney-based Macquarie, which owns Vibrant Energy through a holding company in Singapore, has more than 90 GW of renewable energy portfolio under development across over 25 markets globally.
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Business Standard
16-05-2025
- Business
- Business Standard
Serentica plans ₹1 trn investment to boost capacity to 17 GW by 2030: CEO
Akshay Hiranandani talks about about Serentica's future roadmap, and the current market scenario Shine Jacob Chennai Listen to This Article Vedanta and KKR-backed Serentica Renewables is planning an ambitious capacity expansion by 2030. Chief executive officer (CEO) Akshay Hiranandani talks to Shine Jacob in Chennai about Serentica's future roadmap, and the current market scenario. Edited excerpts: We understand that you are working on projects of around 4 gigawatts (GW) in the renewables sector. What is the status? Currently, we're building about 4,000 megawatts (MW) of wind and solar projects across Rajasthan, Maharashtra, and Karnataka. We have a solid pipeline, including 3–4 GW more from both government contracts and new power purchase agreements (PPAs). As these PPAs move into execution, we
Time of India
05-05-2025
- Business
- Time of India
Serentica Renewables to supply 75 MW hybrid renewable energy to INOXAP
New Delhi: Serentica Renewables on Monday said it has signed a pact with INOX Air Products to supply 75 MW of hybrid renewable energy . The 75 MW of hybrid energy will significantly increase INOX Air Products' renewable energy portfolio , spanning four of its key manufacturing sites in four different states, a statement said. According to the statement, Serentica Renewables, a leading renewable energy provider in India, has signed a Power Supply and Consumption Agreement (PSCA) with INOX Air Products (INOXAP), India's largest manufacturer of industrial, electronic and medical gases. Under this agreement, Serentica will supply 75 MW of hybrid renewable energy to INOXAP -- its marquee customer -- through Inter-State Transmission System (ISTS) project, enabling competitive tariffs and flexible power usage across multiple locations in different states, it stated. This agreement marks a significant milestone in Serentica's growth journey as it expands its clean energy solutions beyond state borders, enabling large-scale, multi-location industrial customers to transition to sustainable operations . Serentica Renewables CEO Akshay Hiranandani said in the statement, "The scale and inter-state nature of this project showcases our evolving capabilities to deliver firm, reliable, and geographically flexible clean energy to large enterprises. This project represents a major step forward in enabling large industrial customers like INOX to seamlessly transition to sustainable operations across the country." S K Jena, Head, Operations (LASU & Onsite plants), INOXAP, said in the statement, "This agreement with Serentica is a major leap in our decarbonisation journey, as this would enable us to significantly increase the share of renewable energy in our energy consumption mix and get closer to our net-zero target." Serentica's hybrid renewable solutions integrate wind, solar, and storage assets to ensure 24X7, reliable clean power delivery. Through such partnerships, Serentica continues to accelerate the decarbonization of hard-to-abate sectors and contribute to India's broader net-zero ambitions.
