Serentica Renewables, a C&I renewable energy developer in India, announced that it has achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka. The company has secured the entire debt funding of INR 2,600 crore ($313.2 million) from Power Finance Corp. (PFC Ltd.).
To ensure the round-the-clock green energy needs of its customers, cumulatively, Serentica will install 4 GW of renewable energy capacities across the country. In the state of Karnataka, the company is setting up 400 MW of wind and solar capacities where it has already secured connectivity to the inter-state transmission system (ISTS).
Pratik Agarwal, director at Serentica Renewables, said, “The debt funding from PFC will accelerate our journey towards supplying 40 billion units of clean energy annually to energy intensive industries and displacing 37 million tonnes of carbon emissions.”
To fuel its growth commitments, Serentica signed definitive agreements with global investor KKR in November 2022. KKR’s total $650 million commitment to the company, which includes the latest $250 million investment deal, represents one of the largest decarbonization investments in India to date.
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