REC extends debt funding of Rs 3,081 cr to Serentica's solar-wind hybrid project in K'taka

REC Limited has sanctioned debt funding of over Rs 3,081 crore to Serentica Renewables' 560-MW peak greenfield solar-wind hybrid project at Gadag, Karnataka
Vivek Kumar Dewangan, Chairman and Managing Director (CMD) of REC Limited
Vivek Kumar Dewangan, Chairman and Managing Director (CMD) of REC LimitedEnergy Watch

Gurugram: REC Limited has sanctioned debt funding of over Rs 3,081 crore to Serentica Renewables' 560-MW peak greenfield solar-wind hybrid project at Gadag, Karnataka. The documentation has already been inked and disbursement of funds is also in advance stages. "REC Limited, a Maharatna company, has emerged as a frontrunner in catalysing India's energy transition in alignment with the nation's COP26 commitments and recent G20 pledges. With a resolute vision and unwavering commitment, REC is on a trajectory to achieve a green finance loan book of Rs 3 lakh Crore by the fiscal year 2030," said a statement on Saturday.

'REC envisions itself as India's leading finance partner for energy transition'

Vivek Kumar Dewangan, REC Limited's Chairman and Managing Director (CMD), stated, "We are proud to be at the forefront of India's journey towards a sustainable energy future. Our partnerships and collaborations are a testament to our commitment to align with global visions for a cleaner and greener planet. REC envisions itself as the leading financing partner for India's energy transition, contributing significantly to the global mission of 'one world, one family, one future' as outlined by the G20."

"REC's dedication to fostering green finance initiatives and its pivotal role in India's energy transition reinforce its commitment to creating a sustainable and eco-friendly future. As India and the world strive towards a cleaner and greener energy landscape, REC stands as a beacon of progress and innovation," said the statement.

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