New Delhi: Serentica Renewables said on Monday that 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 planning to develop 4 GW of renewable energy capacities across the country to deliver round-the-clock green energy to 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 commercial and industrial sector (C&I) focused renewable energy developer in India.