Serentica Renewables secures Rs 5,600 crore funding from REC, PFC

Serentica Renewables on Monday said it has raised Rs 5,600 crore funding from state-owned firms REC and PFC.

It has raised Rs 3,000 crore debt funding from REC and Rs 2,600 crore debt funding from PFC, the company said in a statement.

“This transaction is in line with REC's expanding role in funding green projects and position itself as the focal agency for energy transition," Vivek Kumar Dewangan, Chairman & Managing Director, REC said.

Pratik Agarwal, Director, Serentica said, "With the funding secured, we will be accelerating the development of our first phase of projects, which will bring clean energy to hard-to-abate energy intensive industrial consumers and help them move towards a net-zero future." Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers. The overall portfolio will supply more than 9 billion units (BUs) of clean energy annually, offsetting 8.5 million tonne of CO2.

Established in 2022, Serentica is a leading commercial and industrial sector (C&I) focused renewable energy developer in India.