Serentica Completes Debt Funding for its Renewable Energy Projects; Secures ~INR 3000 crores from REC
New Delhi, 26th September, 2023 –Serentica Renewables (“Serentica” or the “Company”), a leading C&I focused renewable energy developer in India, announced the completion of ~INR 3000 crores of debt funding from REC Limited – 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 2600 crores debt funding that the company secured from another power sector major – PFC, recently.
Commenting on the financial transaction, Mr. Vivek Kumar Dewangan, Chairman & Managing Director, REC said, “This transaction is in line with REC’s expanding role in funding green projects and position itself as the focal agency for energy transition.”
Commenting on the financial milestone, Mr. Pratik Agarwal, Director, Serentica Renewables said, ““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.”
Serentica is committed to developing 4GW 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.
The Indian renewable energy sector has witnessed unprecedented growth in the past decade, rivalling capacity additions anywhere in the world. The country has had the highest growth in renewable energy capacity addition among all global economies in the past seven or eight years. The fund infusions in the Renewables (RE) sector highlight the recent momentum building in favour of investment in these low-carbon energy transition assets. Today, the highly competitive funding landscape has emerged as the biggest growth driver for the sector.