Serentica wants $300 million. A stake sale is likely.

livemint.com:

₹5,600 crore debt from state run Power Finance Corporation (PFC) and REC last year. The company, which is focused on the commercial and industrial (C&I) segment, plans to develop 4 giga watt (GW) of renewable energy capacity—2.55 GW solar power and 1.4 GW wind power. “Serentica is on a rapid growth trajectory and will explore different avenues of capital including internal accruals to fund this growth," a company spokesperson said in an emailed response to Mint’s queries.

“However, we cannot comment on any specific transaction." The C&I segment has attracted strong investor interest in recent times. The latest instance is EverSource Capital-backed Radiance Renewables Pvt. Ltd giving a formal mandate to Rothschild & Co.

for the sale of its C&I platform, as reported by Mint earlier. Also, Amplus founder Sanjeev Aggarwal and I Squared Capital have set up Hexa Climate Solutions, wherein the New York-based private equity fund will invest around $500 million in the company that will cater to C&I sector. Attracted by the opportunity, state run REC Ltd’s arm REC Power Development and Consultancy Ltd and Bharat Heavy Electricals Ltd (Bhel) this month announced their partnership to develop renewable energy projects that will focus on the C&I segment.

The interest in the C&I segment is being driven by the nation’s projected green energy trajectory, as well as rules allowing large power users to source energy from the open market rather than the costlier grid. Another factor that has worked in C&I’s favour is most state electricity regulatory commissions (SERCs) implementing Time of Day (ToD) tariff for large C&I category consumers. ToD tariff refers to electricity costs depending upon the time of day C&I projects are also shielded