REC sanctions Rs 30.81 billion financing to Serentica Renewables

REC Limited has extended Rs 30.81 billion financing to Serentica Renewables for its greenfield solar-wind hybrid project of capacity 560 MWp. The project is located in Gadag district, Karnataka. The loan agreement has been signed, and funds are currently being disbursed.

In line with the country’s COP26 obligations and recent G20 pledges made under India’s G20 presidency, REC Limited has emerged as a leader in accelerating India’s energy transition. With a clear goal and dedication, REC is on track to reach a Rs 3,000 billion loan book for green finance by 2030.

Recently, in September 2023, Serentica Renewables bagged Rs 26 billion financing from Power Finance Corporation Limited for its upcoming hybrid clean energy projects in Karnataka.

In July 2023, Serentica Renewables announced that it signed 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 power from its upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.