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Pratik Agarwal: Serentica Targets 5 GW by FY27; $5 Billion Funding Tie-Up Expected by March 2027

KKR-backed independent power producer Serentica Renewables, along with Resonia, is charting an aggressive expansion path, aiming to double its installed capacity by FY27 and generate 50 billion units of clean energy annually by FY30. In an interaction, Chairman Pratik Agarwal outlined the company’s growth strategy, capital plans, and sector outlook.

Capacity Expansion and Investment Plans

By March 2026, Serentica expects to reach an installed capacity of 2,500 MW. The company plans to scale this up to 5,000 MW by FY27. In line with this expansion, it anticipates committing nearly $3.5 billion in capital by March 2027. Beyond that, the strategy involves deploying approximately $1.5–2 billion annually to sustain long-term growth.

Fundraising Roadmap

Serentica had earlier indicated plans to mobilise $6–8 billion over five years. According to Agarwal, the company is progressing steadily on this front and expects to secure close to $5 billion in combined debt and equity commitments by March 2027. The firm continues to evaluate both private and public capital sources to meet its substantial funding requirements.

Manufacturing and Backward Integration

At present, Serentica does not have plans for backward integration into manufacturing of wafers, ingots, cells, or modules. The company remains focused on procuring cells and modules compliant with India’s Approved List of Models and Manufacturers (ALMM) and Approved List of Cell Manufacturers (ALCM) requirements through June 2028. While overseas manufacturing opportunities have been assessed in the past, these remain opportunistic and will only be pursued if aligned with strategic and value objectives.

Demand Outlook

Despite moderation in power demand growth in FY26 compared to previous years, Agarwal expects demand to maintain steady momentum. He believes initiatives such as Make in India and the implementation of the Carbon Border Adjustment Mechanism (CBAM) could significantly boost industrial power consumption over the next two years.

Solar Cell and BESS Cost Trends

The recent surge in solar cell prices was largely attributed to a spike in silver prices. However, with silver prices correcting by 40–45 percent, cell prices have eased, offering relief to project economics.

Similarly, battery energy storage system (BESS) costs had risen by 25–30 percent due to higher lithium carbonate prices. With these input costs now softening, pricing pressures across the value chain are stabilising, improving the sector’s near-term outlook.

Through disciplined capital deployment and strategic procurement, Serentica Renewables aims to strengthen its position in India’s clean energy transition while navigating evolving market dynamics.