Serentica Renewables has secured debt funding of Rs. 2,600 crore from Power Finance Corporation (PFC), for setting up hybrid power projects in Karnataka. These projects will have a cumulative generation capacity of 400 MW.
Serentica shared this information in a media release dated 12th September 2023.
Financial Closure Achieved Through Debt Funding
“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 (PFC Ltd.)”, said the company’s release. This debt funding will be utilised to develop Inter-State Transmission System (ISTS)-connected wind-solar hybrid projects.
Expressing his views on this development, Mr. 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”.
Serentica’s Hybrid Projects in Karnataka to Fulfill Company’s 2025 Goals
Through this addition, the company seeks to generate about 15 Billion Units of RE for industrial customers annually by 2025. As per Serentica, this would lead to a reduction in emissions by about 20 million tonnes of Carbon dioxide equivalents.
While speaking about this debt funding, Ms. Parminder Chopra, Chairman & Managing Director, PFC said, “This transaction is in line with PFC’s expanding role in funding green projects and position itself as the focal agency for energy transition”.
Earlier in November 2022, Serentica Renewables had tied up with Greenko for utilising their 1,500 MWh RE storage facility. Moreover in June 2023, the company had awarded an order to Envision Energy for the development of a 350 MW wind power plant in Maharashtra.
About Serentica Renewables: Serentica Renewables was incorporated in 2022 as a subsidiary of Mauritius-based Twinstar Overseas Ltd., which also owns a controlling stake in Sterlite Power Transmission Ltd. and Sterlite Technologies Ltd.