Diversified business group DCM Shriram has signed agreements to source 58 MW of power from a hybrid renewable energy project to be developed by Serentica Renewables.

DCM Shriram will invest around ₹1.05 billion (~$10.91 million) to acquire 26% equity stake in Serentica Renewables India 38, to source power for its facility in Bharuch, Gujarat.

The project is expected to be commissioned by June 2027. Once completed, the project would push DCM Shriram’s total renewable energy capacity to 176 MW across its two facilities in Bharuch and Kota in Rajasthan.

The equity investment will be made in one or more tranches.

Sabaleel Nandy, Executive Director & CEO at DCM Shriram Chemicals, said the investment was a strategic step in expanding the company’s share of renewable energy across its chemical operations in Bharuch and making the business more sustainable.

In financial year 2025-26, DCM Shriram had 50.4 MW renewable power available at its Bharuch facility, including a 6.6 MW wind-solar hybrid capacity enhancement. At Kota, DCM Shriram will secure power from a 68 MW hybrid project which has started injecting 15 MW from May this year.

The company said these captive renewable projects are intended to reduce electricity costs, and lower emissions.

Talking about the project, Akshay Hiranandani, CEO at Serentica Renewables, said, “Through a 190 MW renewable energy project comprising solar power from Rajasthan and wind power from Karnataka, we will supply 58 MW renewable power to DCM Shriram Chemicals’ Bharuch plant.”

Back in 2022, DCM Shriram signed two captive power agreements with ReNew Power for the supply of 50 MW of renewable energy from the latter’s projects in Bhavnagar, Gujarat. The power supply is meant for DCM Shriram’s Chlor-alkali production facility in the Bharuch district of the state.