Serentica Renewables, a prominent renewable energy developer in India with a focus on commercial and industrial (C&I) sectors, has successfully closed a significant debt funding deal of approximately INR 3000 crores with REC Limited, a major player in India’s power sector lending.
REC Limited’s financial support is earmarked to bolster Serentica’s efforts in developing hybrid renewable energy projects in Karnataka, India. The company is actively working on establishing wind and solar capacities amounting to 560 MW in the state of Karnataka. This injection of capital from REC closely follows another substantial debt funding of INR 2600 crores secured by Serentica from another notable power sector entity, PFC.
Empowering Renewable Growth
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.
Expressing his thoughts on this significant financial transaction, Pratik Agarwal, Director at Serentica Renewables, stated, “We are committed to building world-class renewable energy assets. With the funding secured, we will be accelerating the development of our 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.”
Commitment to a Greener Tomorrow
Serentica Renewables has set ambitious goals, aiming to develop 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. Looking ahead, 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.
This strategic debt funding from 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.