en.Wedoany.com Reported - DCM Shriram Limited has signed a definitive agreement with Serentica Renewables India Pvt. Ltd. to invest up to INR 1.05 billion in developing a 58 MW hybrid renewable energy power project, primarily to power its high-energy-consuming operations in Bharuch, Gujarat. Upon commissioning, DCM Shriram Chemicals' total installed renewable energy capacity will increase from 118.4 MW to 176.4 MW, with commercial operations expected to commence in June 2027. Under the agreement, DCM Shriram Chemicals will invest in one or more tranches to acquire at least a 26% equity stake in Serentica Renewables India Pvt. Ltd.

Sabaleel Nandy, Executive Director and CEO of DCM Shriram Chemicals, stated that the agreement is a strategic step in expanding the share of renewable energy for the chlor-alkali business in Bharuch. Electricity is one of the most significant cost inputs for this business, and securing 58 MW of reliable, round-the-clock renewable energy will help improve cost efficiency, provide a clearer long-term outlook for electricity costs, and reduce exposure to volatility in conventional energy prices. The project is expected to reduce carbon dioxide emissions by approximately 400,000 tonnes annually, while increasing the share of renewable energy available to the Bharuch plant, supporting efforts to lower the carbon intensity of operations and pursue growth in a more responsible and sustainable manner.

Akshay Hiranandani, CEO of Serentica Renewables, stated that the collaboration marks another important step in India's industrial decarbonization journey. Through a 190 MW renewable energy project (including solar power from Rajasthan and wind power from Karnataka), Serentica will supply 58 MW of round-the-clock renewable energy to DCM Shriram Chemicals' Bharuch plant, providing reliable and sustainable energy for its operations.

DCM Shriram Limited is a leading conglomerate with a group turnover of INR 142.64 billion, with a business portfolio comprising agri-rural businesses (urea, sugar, farm solutions, hybrid seeds), vinyl businesses (caustic soda, chlorine, calcium carbide, aluminum chloride, PVC resin, power, and cement), and the value-added business Fenesta Building Systems (UPVC doors and windows). DCM Shriram Chemicals, a part of the group, is India's second-largest chlor-alkali manufacturer with production facilities in Bharuch and Kota, offering products including caustic soda, chlorine, aluminum chloride, epoxy resins, epichlorohydrin, as well as hydrogen and hydrochloric acid, serving sectors such as textiles, pharmaceuticals, water treatment, and chemicals.

Founded in 2022, Serentica Renewables is an independent power producer (IPP) focused on firm and dispatchable renewable energy (FDRE) solutions, helping hard-to-abate industries decarbonize. The company has achieved 3,000 MW of installed renewable energy capacity, with projects under construction across multiple states, integrating solar, wind, energy storage, and advanced balancing solutions. Backed by a $650 million investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, thereby reducing 47 million tonnes of carbon dioxide emissions.