Serentica secures Rs 30 billion from REC to fund renewable energy projects

Serentica Renewables has successfully secured Rs 30 billion from REC Limited in debt funding. The assistance from REC Limited is anticipated to help Serentica Renewables in the development of its upcoming hybrid clean energy projects. The company is developing wind and solar projects of capacities 560 MW. The financial infusion from REC Limited comes close after the company recently secured Rs 26 billion in debt financing from PFC Limited. This deal aligns with REC’s growing commitment to financing clean energy projects.

The funding will assist the company in advancing the development of the first phase of projects, which will provide renewable energy to industrial users that are highly dependent on energy and assist them in transitioning to a net-zero future. To meet its customers’ round-the-clock needs for clean energy, Serentica is dedicated to supply 4 GW of clean energy capacity across the country. The total portfolio will provide more than 9 billion units (BUs) of renewable energy per year, reducing carbon emissions by 8.5 million tonnes. The medium-term goal of the company is to provide more than 40 BUs clean energy annually, while eliminating 37 million tonnes of carbon emissions.

In July 2023, Serentica Renewables announced the signing of a standalone energy storage capacity offtake contract with the Greenko Group to leverage its energy storage capabilities to utilise a cumulative 1,500 MWhr 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 (PDAs) with multiple industrial customers. This is in addition to the 580 MW PDAs that were signed in March 2023.