Serentica Renewables announced a partnership with PFC for a debt financing of Rs 2,600 crore for planned projects in Karnataka. The business is installing 400 MW of wind and solar capacity in Karnataka, where it has already obtained connectivity to the interstate transmission system (ISTS).
Pratik Agarwal, Director of Serentica Renewables, "the debt funding will accelerate our journey towards supplying 40 billion units of clean energy annually to industries that use a lot of energy and displacing 37 million tonne of carbon emissions."
This transaction is consistent with PFC's growing role in funding green initiatives and establishing itself as the focus organisation for energy transformation, according to Parminder Chopra, Chairman & Managing Director, PFC.
A decarbonization platform called Serentica Renewables (India) aims to offer clean energy solutions that will make it possible for large-scale, energy-intensive companies to switch to using clean energy. Serentica uses a combination of solar, wind, energy storage, and balancing methods to deliver guaranteed sustainable energy. Leading international investor KKR has previously invested USD 650 million in the company.