Tire manufacturer MRF has signed a power purchase agreement (PPA) with Serentica Renewables to procure clean energy from a 170 MW hybrid renewable energy project under development.

The captive arrangement will allow MRF to meet its substantial electricity requirements, supporting its ongoing sustainability and net-zero ambitions.

A special purpose vehicle, Serentica Renewables India 26, was created to supply renewable power to MRF.

MRF has invested ₹990 million (~$11.15 million) to acquire a 26% equity stake in the special purpose vehicle.

The project will integrate solar and wind generation to deliver round-the-clock renewable energy for MRF’s manufacturing facilities across India through the interstate transmission system network.

Incorporated on May 5, 2025, Serentica Renewables India 26 is engaged in the business of renewable energy. It acts as a developer for the build, own, operate, maintain, and manage of hydel, solar, wind, geothermal, energy storage, and any other alternate source of energy.

Commenting on the partnership, Akshay Hiranandani, CEO, Serentica Renewables, said the company can deliver clean and reliable power to industries like MRF and help them transition to a sustainable future by combining renewable energy with storage and hybrid solutions.

MRF’s sustainability report noted that renewable energy contributed 24% of the company’s overall electricity consumption in the financial year (FY) 2024-2025, mainly through power purchase agreements. The total renewable energy consumption stood at 992,974 gigajoules, compared to 438,163 in FY 2023-2024.

In September, Serentica Renewables signed binding agreements to acquire Statkraft’s 445 MW operational solar project at Bikaner, along with 1 GW of solar projects under development across Rajasthan.

Serentica Renewables was one of the leading open access developers according to Mercom’s India Solar Market Leaderboard 2025 report.

India added nearly 3.8 GW of solar open access capacity in the first half of 2025, an over 4% decrease from 3.9 GW installed in the same period of 2024, according to Mercom India’s Q2 2025 Solar Open Access Market Report.