Serentica Renewables, a C&I renewable energy developer in India, announced the completion of INR 3,000 crore of debt funding from REC Ltd, one of India’s largest power sector lenders.
REC’s support is expected to assist Serentica in developing its hybrid renewable energy projects coming up in Karnataka. The company is setting up 560 MW of wind and solar capacities in the state of Karnataka. The capital infusion from REC comes close on the heels of the INR 2,600 crore debt funding that the company secured from PFC recently.
Pratik Agarwal, director of Serentica Renewables, said, the funding will accelerate the development of their first phase of projects, which will bring clean energy to hard-to-abate energy-intensive industrial consumers and help them move towards a net-zero future.
Established in 2022, Serentica aims to develop 4 GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers. The overall portfolio will supply more than 9 BUs of clean energy annually, offsetting 8.5 million tonnes of CO2. Serentica’s vision is to supply over 40 billion units of clean energy annually in the medium term and displace 37 million tonnes of CO2 emissions.
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