Serentica Renewables has raised nearly Rs 5,600 crore in financing from REC and Power Finance Corporation (PFC). The company has secured Rs 3,000 crore debt funding from REC and Rs 2,600 crore from PFC.
With the funding secured, Serentica will boost the development of its first phase of projects. This will enable it to offer green energy to hard-to-afford energy-intensive industrial consumers, assisting them in their transition to a net-zero future.
Serentica is committed to developing four GW of renewable energy capacity across the country to meet the round-the-clock green energy requirements of its customers. The company’s portfolio will provide more than nine billion units (BUs) of green energy every year, offsetting 8.5 million tonne of CO2.
This transaction is in line with REC’s expanding role in green project funding and positioning itself as the focal agency for energy transition.