Serentica has a 400MWp operational capacity. Credit: Yuri Hoyda / Shutterstock.

Serentica Renewables has reportedly announced a significant investment of Rs500bn ($5.9bn) to develop 10GW of renewable energy capacity in Rajasthan, India, according to The Economic Times (ET).

The announcement was made during the Rising Rajasthan 2024 event, which focuses on promoting growth and investment opportunities in the region.

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At the event, Serentica engaged with policymakers, investors, and industry leaders through a dedicated booth to discuss and shape the future of Rajasthan’s renewable energy trajectory.

This involvement supports the state’s development objectives to generate long-term value for both businesses and communities.

Serentica Renewables CEO Akshay Hiranandani was quoted by ET as saying: “At Serentica, we are deeply committed to driving India’s clean energy transition, and Rajasthan plays a major role in our journey.

“Our Rs500bn investment reflects the immense potential of this state as a renewable energy hub. Through advanced technologies and strong partnerships, we aim to empower businesses, lower carbon emissions, and significantly contribute to Rajasthan’s economic and industrial progress.”

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Serentica is currently developing 3,000MWp of renewable energy capacity in Rajasthan to meet the energy needs of the commercial and industrial (C&I) sectors, according to the report.

Supported by Vedanta Group and global investment company KKR, Serentica Renewables is focused on decarbonising the C&I sector and enabling net-zero goals in India.

As of October 2023, India’s renewable energy sector has surpassed 127GW in installed capacity, making up nearly 47% of the country’s total power capacity.

Rajasthan claims to hold the largest share in solar power capacity with more than 16GW.

Last month, Hyundai Motor India signed an agreement with Fourth Partner Energy to build two renewable energy facilities in Tamil Nadu.

This initiative is part of Hyundai’s goal to transition to 100% renewable power across its operations by 2025, as part of the wider RE100 target. Hyundai has already achieved 63% of this target.