Serentica Renewables on Thursday said that it has achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka. 

The company has secured the entire debt funding of Rs. 2600 crore from state-run Power Finance Corporation (PFC), the company said.

To ensure the round-the-clock green energy needs of its customers, cumulatively, Serentica will install 4 gigawattts (GW) of renewable energy capacities across the country, it added.

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In the state of Karnataka, the company is setting up 400 megawatt (MW) of wind and solar capacities where it has already secured connectivity to the inter-state transmission system (ISTS).

With a vision to accelerate the clean energy transition of hard-to-abate industries, the overall portfolio will supply more than 9 billion units (BUs) of clean energy annually, thereby offsetting 8.5 million tonnes of CO2. Serentica’s vision is to supply over 40 billion units of clean energy annually in the medium term and displace 37 million tonnes of CO2 emissions.

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To fuel its growth commitments, Serentica signed definitive agreements with leading global investor KKR in November 2022. KKR’s total $650 million commitment to the company, which includes the latest $250 million investment deal, represents one of the largest decarbonization investments in India to date. 

With the closure of debt funding from PFC, the company has been able to forge relationships with India’s largest power sector financing institutions. This is a testimony of the trust reposed in the company by the banking and investor community.

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