Serentica Renewables, a prominent renewable energy developer in India with a focus on commercial and industrial (C&I) sectors, has achieved a significant financial milestone by securing debt funding for its hybrid renewable energy projects in Karnataka. The company has successfully obtained INR 2600 crores in debt financing from Power Finance Corporation Limited (PFC Ltd.), one of India’s largest power sector lenders.
Serentica Renewables is embarking on a mission to provide round-the-clock green energy solutions to its customers, aiming to install a cumulative 4 gigawatts (GW) of renewable energy capacity across India. Specifically, in Karnataka, the company is in the process of setting up 400 megawatts (MW) of wind and solar capacity. Importantly, Serentica has already secured connectivity to the inter-state transmission system (ISTS) in the state.
Mr. Pratik Agarwal, Director of Serentica Renewables, expressed his enthusiasm for the financial achievement, emphasizing the company’s commitment to supplying 40 billion units of clean energy annually and making a substantial impact on carbon emissions reduction.
Smt. Parminder Chopra, Chairman & Managing Director of PFC, highlighted the significance of the transaction as part of PFC’s expanding role in funding green projects and its commitment to becoming a key player in facilitating the energy transition.
Serentica Renewables has a broader vision to accelerate the clean energy transition in industries that are challenging to decarbonize. The company’s portfolio is set to provide over 9 billion units of clean energy annually, offsetting approximately 8.5 million tonnes of CO2 emissions. Serentica aims to scale up its clean energy supply to over 40 billion units annually and significantly contribute to the reduction of 37 million tonnes of CO2 emissions.
Serentica’s growth has been bolstered by agreements with global investor KKR, including a $650 million commitment. This includes a recent $250 million investment deal, marking one of the largest decarbonization investments in India. The successful closure of debt funding from PFC underscores the company’s strong reputation and trust within the banking and investor communities in India.
This financial milestone represents a significant step in India’s renewable energy landscape, highlighting the increasing focus on green projects and the transition to clean energy sources.