Serentica raises Rs 2,600 crore from PFC to fund its renewable energy projects

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Gurugram-based Serentica, a renewable energy developer in India concentrating on commercial and industrial sectors, today announced it has raised Rs 2,600 crore in funding from the state-owned Power Finance Corporation for its forthcoming hybrid renewable energy projects in Karnataka. 

The development is part of Serentica’s plan to establish 4 GW of renewable energy facilities nationwide, including 400 MW of wind and solar capacities in Karnataka, to meet its customers’ continuous green energy demands.

What does Serentica do?

Founded in 2022, Serentica aims to facilitate the shift of large, energy-consuming industries to clean energy, aiming to become the main energy source for sectors that use over half of India’s generated electricity.

The company intends to deliver reliable renewable energy through a mix of solar, wind, and energy storage solutions, with a medium-term objective of providing over 40 billion units of clean energy annually, thereby reducing 37 million tonnes of CO2 emissions.

Serentica raised $250 million from KKR

In May 2023, The Gurugram-based company received a $250 million investment from the global investment firm KKR, which followed the commitment of $650 million in November 2022. 

Pratik Agarwal, Director of Serentica Renewables, said, “The debt funding from PFC will accelerate our journey towards supplying 40 billion units of clean energy annually to energy-intensive industries and displacing 37 million tonnes of carbon emissions.”

Parminder Chopra, Chairman and Managing Director of PFC, said, “This transaction is in line with PFC’s expanding role in funding green projects and position itself as the focal agency for the energy transition.”

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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Serentica raises Rs 2,600 crore from PFC to fund its renewable energy projects

Gurugram-based Serentica, a renewable energy developer in India concentrating on commercial and industrial sectors, today announced it has raised Rs 2,600 crore in funding from the state-owned Power Finance Corporation for its forthcoming hybrid renewable energy projects in Karnataka. 

The development is part of Serentica’s plan to establish 4 GW of renewable energy facilities nationwide, including 400 MW of wind and solar capacities in Karnataka, to meet its customers’ continuous green energy demands.

What does Serentica do?

Founded in 2022, Serentica aims to facilitate the shift of large, energy-consuming industries to clean energy, aiming to become the main energy source for sectors that use over half of India’s generated electricity.

The company intends to deliver reliable renewable energy through a mix of solar, wind, and energy storage solutions, with a medium-term objective of providing over 40 billion units of clean energy annually, thereby reducing 37 million tonnes of CO2 emissions.

Serentica raised $250 million from KKR

In May 2023, The Gurugram-based company received a $250 million investment from the global investment firm KKR, which followed the commitment of $650 million in November 2022. 

Pratik Agarwal, Director of Serentica Renewables, said, “The debt funding from PFC will accelerate our journey towards supplying 40 billion units of clean energy annually to energy-intensive industries and displacing 37 million tonnes of carbon emissions.”

Parminder Chopra, Chairman and Managing Director of PFC, said, “This transaction is in line with PFC’s expanding role in funding green projects and position itself as the focal agency for the energy transition.”

Also Read:

BriskPe partners with Yes Bank to revolutionise cross-border payments for MSMEs

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Sarthak Luthra
Sarthak Luthra
Hey, there! I am the tech guy. I get things running around here and I post sometimes. ~ naam toh suna hi hoga, ab kaam bhi dekhlo :-)

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