Serentica Renewables achieves financial closure for Karnataka project with PFC funding
- September 14, 2023
Serentica Renewables announced that it has achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka, through debt funding from Power Finance Corporation Ltd (PFC).
In a release, Serentica said that it has secured the entire debt funding of Rs.2,600 crore from PFC for its wind and solar projects aggregating 400 mw, in Karnataka. The projects have already secured connectivity to the interstate transmission system (ISTS).
To ensure the round-the-clock green energy needs of its customers, Serentica will has plans to cumulatively install 4 GW of renewable energy capacities across the country.
Also read: Serentica Renewables Secures Additional Investment From KKR
Commenting on the financial milestone, Pratik Agarwal, Director, 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.”
According to Parminder Chopra, Chairman & Managing Director, PFC, “This transaction is in line with PFC’s expanding role in funding green projects and position itself as the focal agency for energy transition.”
With a vision to accelerate clean energy transition, Serentica’s the overall portfolio will supply more than 9 BUs of clean energy annually, thereby 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.
It may be recalled that Serentica signed definitive agreements with leading 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.
