New Delhi, April 1 Serentica Renewables announced on Wednesday that it has secured its first deal in the textile sector by signing a 32-MW renewable power purchase agreement (PPA) with Sanathan Polycot, a subsidiary of Sanathan Textiles.
As part of the agreement, a Special Purpose Vehicle (SPV) has been established to deliver 32 MW of hybrid, round-the-clock renewable energy, the company statement said.
Sanathan will hold a 26 per cent stake in the SPV, while Serentica Renewables will own the remaining stake.
The project will be developed to supply clean and reliable power to Sanathan Polycot's manufacturing facility in Punjab, ensuring uninterrupted operations while advancing its sustainability agenda.
According to the statement, Serentica Renewables has signed a long-term Power Purchase Agreement with Sanathan Polycot Private Limited (SPPL), a wholly-owned subsidiary of Sanathan Textiles Limited, a diversified yarn manufacturer with operations in polyester filament yarns, cotton yarns, and technical textiles.
This partnership enables Sanathan Polycot to secure dependable and cost-efficient green power, reduce the intensity of its operations' emissions, and gain long-term visibility on energy costs, supporting its broader sustainability ambitions.
Akshay Hiranandani, CEO of Serentica Renewables, said in the statement, "This partnership marks an important milestone as we extend our decarbonization solutions to the textile sector, which is an integral pillar of India's manufacturing economy with evolving energy needs and sustainability priorities."