Serentica Renewables, a leading renewable energy developer in India focused on commercial and industrial sectors, has secured a significant debt funding deal of approximately INR 3000 crores from REC Limited, a major power sector lender in India.
This funding is intended to support the development of hybrid renewable energy projects in Karnataka, where Serentica is setting up 560 MW of wind and solar capacities.
The company has already secured another substantial debt funding of INR 2600 crores from PFC, another notable power sector entity.
REC Limited’s funding will enable Serentica to accelerate the development of its first phase of projects, providing clean energy to energy-intensive industrial consumers and helping them move towards a net-zero future.
Serentica Renewables has set an ambitious goal of developing 4 GW of renewable energy capacities across India to meet the round-the-clock green energy needs of its customers.
The comprehensive portfolio is projected to supply over 9 billion units of clean energy annually, offsetting a significant 8.5 million tonnes of CO2 emissions.
In the medium term, Serentica aims to supply more than 40 billion units of clean energy annually, displacing a massive 37 million tonnes of CO2 emissions.
The loan from REC Limited aligns with the company’s commitment to driving sustainable growth and contributing to India’s renewable energy landscape, in line with global sustainability goals.
The financing will enable Serentica to develop its hybrid renewable energy projects in Karnataka, which will include wind and solar capacities. The company is setting up world-class renewable energy assets and is committed to supplying clean energy to hard-to-abate energy-intensive industrial consumers.
Vivek Kumar Dewangan, Chairman & Managing Director of REC, emphasized that this transaction aligns with REC’s expanding role in funding green projects and positioning itself as a pivotal agency driving the energy transition.
The comprehensive portfolio of Serentica Renewables is projected to supply over 9 billion units of clean energy annually, offsetting a significant 8.5 million tonnes of CO2 emissions. Serentica’s vision extends to supplying more than 40 billion units of clean energy annually in the medium term, displacing a massive 37 million tonnes of CO2 emissions.
The partnership between Serentica Renewables and REC Limited underscores the commitment of both organizations to drive sustainable growth and contribute to India’s renewable energy landscape, aligning with global sustainability goals.
