Serentica bags Rs. 2,600 Cr funding from PFC for its RE projects in Karnataka

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 Rs. 2,600 crores from one of India’s largest power sector lenders, Power Finance Corporation Limited (PFC Ltd.).

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 position itself as the focal agency for energy transition.”

Cumulatively, Serentica plans to install 4 GW of renewable energy capacities across the country. 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).