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Serentica to install 4GW of renewable energy capacities across India

September 14, 2023 5:57 pm

Serentica to install 4GW of renewable energy capacities across India
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The company has secured INR 2600 crores in funding from PFC for its renewable energy

Serentica Renewables, a leading C&I-focused renewable energy developer in India, announced that it has achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka. The company has secured the entire debt funding of INR 2600 crores from one of India’s largest power sector lenders, Power Finance Corporation Limited.  

The company will install 4GW of renewable energy capacities across the country to ensure the round-the-clock green energy needs of its customers. In the state of Karnataka, the company is setting up 400 MW of wind and solar capacities where it has already secured connectivity to the inter-state transmission system (ISTS). 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.”

Commenting on the financial transaction, Parminder Chopra, Chairman & Managing Director, PFC said, “This transaction is in line with PFC’s expanding role in funding green projects and positioning itself as the focal agency for energy transition.” With a vision to accelerate the clean energy transition of hard-to-abate industries, the overall portfolio will supply more than 9 billion 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. To fuel its growth commitments, 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 decarbonisation investments in India to date. With the closure of debt funding from PFC, the company has been able to forge relationships with India’s largest power sector financing institutions. The company is focused on industrial decarbonisation, by making renewables the primary source of energy for the commercial and industrial segment which consumes more than 50 per cent of the electricity generated in India.

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