Serentica Renewables ties up with PFC for Rs 2,600 cr debt funding

Serentica Renewables on Thursday said it has tied up with PFC for a Rs 2,600 crore debt funding for its upcoming projects in Karnataka.

In 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).

"The debt funding...will accelerate our journey towards supplying 40 billion units of clean energy annually to energy intensive industries and displacing 37 million tonne of carbon emissions," Pratik Agarwal, Director, Serentica Renewables said.

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.

Established in 2022, Serentica Renewables (India) is a decarbonization platform that looks to provide clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy.

Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions.

The company has already secured investments worth USD 650 million from leading global investor KKR.