Construction Industry News
Serentica Renewables, a C&I focused renewable energy developer in India, announced the completion of a Rs 3,000 crore debt financing from energy sector lender REC Limited.
RECs support is expected to help Serentica develop its hybrid renewable energy projects in Karnataka. The company is installing 560 MW of wind and solar power in the state of Karnataka. RECs equity infusion comes close to the Rs 2,600 crore debt financing the company recently raised from another energy major - PFC.
Commenting on the financial transaction, Vivek Kumar Dewangan, Chairman and CEO of REC, said: "This transaction is in line with RECs growing role in financing green projects and positions itself as the nodal agency for energy transition." .
Commenting on the financial milestone, Pratik Agarwal, CEO of Serentica Renewables, said: “We are committed to building world-class sustainable energy sources. “Now that funding has been secured, we will accelerate the development of our first phase of projects, which will bring clean energy to struggling energy-intensive industrial consumers and help them on the path to a net-zero future.”
Serentica is committed to developing 4GW of renewable energy capacity nationwide to meet the green energy needs of its customers 24 hours a day. The total portfolio will supply clean energy to more than 9 business units annually, offsetting 8.5 million tons of CO2. Serentica's vision is to deliver more than 40 billion units of clean energy annually in the medium term and displace 37 million tons of CO2 emissions.
Indias renewable energy sector has witnessed unprecedented growth over the last decade, with capacity additions rivaling anywhere in the world. The country has seen the largest growth in renewable energy capacity of any global economy in the last seven or eight years.
The injections of funds into the renewable energy (RE) sector highlight the recent momentum developing in favor of investments in these low-carbon energy transition assets. Today, the highly competitive financial landscape has proven to be the sector's biggest growth driver.
