Serentica Renewables, a prominent player in India’s commercial and industrial-focused renewable energy sector, has successfully completed a debt funding arrangement of approximately INR 3000 crores with REC Limited, one of India’s major power sector lenders.
This funding from REC is earmarked to support Serentica in the development of its hybrid renewable energy projects in Karnataka, which include the establishment of 560 MW of wind and solar capacities in the state. The infusion of capital from REC follows closely on the heels of Serentica’s recent INR 2600 crores debt funding from another significant player in the power sector, PFC.
Mr. Vivek Kumar Dewangan, Chairman & Managing Director of REC, commented on the financial transaction, stating, “This transaction aligns with REC’s expanding role in funding green projects and positions itself as the focal agency for energy transition.”
Mr. Pratik Agarwal, Director of Serentica Renewables, also shared his perspective on this financial milestone, saying, “We are committed to building world-class renewable energy assets. With the secured funding, we will accelerate the development of our initial phase of projects, which will provide clean energy to energy-intensive industrial consumers, facilitating their transition towards a net-zero future.”
Serentica Renewables has a steadfast commitment to developing 4 GW of renewable energy capacities across India, catering to the round-the-clock green energy needs of its customers. This extensive portfolio is projected to supply more than 9 billion units of clean energy annually, offsetting approximately 8.5 million tonnes of CO2 emissions. In the medium term, Serentica envisions supplying over 40 billion units of clean energy annually and displacing 37 million tonnes of CO2 emissions.
The renewable energy sector in India has experienced remarkable growth over the past decade, rivaling capacity additions seen anywhere in the world. The country has witnessed the highest growth in renewable energy capacity among global economies over the past several years. The infusion of funds into the renewables sector underscores the increasing momentum toward investing in these low-carbon energy transition assets. Today, the highly competitive funding landscape serves as the primary catalyst for sector growth.
This funding from REC reinforces Serentica Renewables’ position as a leading contributor to India’s clean energy transformation and reflects the sector’s rising appeal for sustainable investments.