Vardhman Textiles to Invest Rs. 418.5 mn in Serentica Projects
The project comprises a 40 MW wind facility in Karnataka and a 40 MWp solar facility, with an alternating-current capacity of 30 MW, in Rajasthan. Power generated by the projects will support Vardhman Textiles’ captive electricity requirements, with an arrangement to supply 27 MW of wind-solar hybrid power to its facilities in Himachal Pradesh.
The company’s directors approved the arrangement at their latest committee meeting. The agreement involves Serentica Renewables India as the developer, Vardhman Textiles as the captive user and Serentica Renewables India 32 as the power producer. The developer will retain at least 26 per cent equity in the power producer, while Vardhman Textiles may hold up to 74 per cent.
The power producer will have total capital of Rs. 1.61 bn. Vardhman Textiles will contribute up to Rs. 1.19 bn, while the developer’s minimum contribution will be Rs. 418.5 mn. Both shareholders will receive voting rights proportionate to their respective holdings, and Vardhman Textiles will have rights over reserved matters.
The project is planned to connect to an interstate transmission system grid substation and will include associated land, power connection assets, auxiliary equipment, switchgear, transformers, protection systems and related facilities. Serentica Renewables India 32 was incorporated under the Companies Act, 2013, under the captive power scheme, and has not yet started commercial operations.
Serentica has previously commissioned 3 GW of renewable energy projects, including more than 500 MW of wind capacity across Maharashtra and Karnataka, for commercial and industrial customers. The company has also been developing an operational portfolio exceeding 2,500 MW and an additional 3,000 MW of projects under construction.