Serentica Renewables secures Rs 26 billion financing from PFC

Serentica Renewables has bagged Rs 26 billion financing from Power Finance Corporation Limited (PFC) for its upcoming hybrid clean energy projects in Karnataka. Serentica Renewables will deploy 4 GW of clean energy capacities across the country to meet the round-the-clock green energy needs of its customers. The company is developing 400 MW of wind and solar capacity in Karnataka, where it has already acquired connectivity to the inter-state transmission system.

The portfolio will help in providing over 9 billion units of green energy per year, offsetting 8.5 million tonnes of carbon emissions with the aim of boosting the clean energy switch of hard-to-abate industries.

In July 2023, Serentica Renewables announced the signing of a standalone energy storage capacity offtake contract with the Greenko Group to leverage Greenko’s energy storage capabilities to utilise a cumulative 1,500 MWh capacity from its upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.

In the same month, Serentica Renewables announced the signing of over 1.25 GW of new Power Delivery Agreements with multiple industrial customers.