Textile manufacturer Vardhman Textiles has signed agreements to procure 27 MW of power from Serentica Renewables’ wind and solar projects for its facilities in Himachal Pradesh.

The power will be supplied from a 40 MW wind energy project in Karnataka and 30 MW solar power project in Rajasthan.

Vardhman Textiles will acquire a 26% stake in Serentica Renewables India 32, a special purpose vehicle of Serentica Renewables.

The transaction will be executed at ₹418.5 million (~$4.36 million).

The company executed a share subscription-cum-shareholders’ agreement and a power delivery agreement.

Vardhman will make its equity contribution in three tranches based on the completion of different project stages. The acquisition will be completed through cash consideration.

According to Vardhman’s annual report for the financial year (FY) 2026, its cumulative solar capacity stands at 68.31 MW.

The company has committed to a capital investment program of approximately ₹36.60 billion (~$381.41 million), which includes a phased green capex program to replace coal-fired boilers with biomass and paddy-straw systems and scale solar generation toward 70 MW. It also entails adding renewable capacity through investments such as a stake in a captive wind-solar project. It has set a target of achieving 60% clean energy power by FY 2028.

In FY 2026, it produced 337.34 million kWh (337.34 GWh) of renewable energy.

Vardhman also acquired a 19.5% stake in Sone Solar Energy One to procure 22.5 MW from a ground-mounted solar project in Punjab.

According to Mercom India’s Q2 2026 India Solar Open Access Market Report, the country added nearly 6 GW of solar open access capacity in the first half of calendar year 2026, up 42% year-over-year from 4 GW.

In March 2026, the Ministry of Power notified the Electricity (Amendment) Rules, 2026, introducing changes to Rule 3 of the Electricity Rules, which brought about several changes to the rules governing captive generating projects in India.