India’s Serentica Renewables, a decarbonisation platform, on Monday, said it has secured Rs. 3,000 crores ($360.9 million) in debt from power sector lender REC Limited, just days after raising $310 million from Power Finance Corp.
With the new funding, Serentica is expected to develop its hybrid renewable energy projects coming up in Karnataka. The company is setting up 560 MW of wind and solar capacities in the southern state of India.
“With the funding secured, we will be accelerating the development of our first phase of projects, which will bring clean energy to hard-to-abate energy-intensive industrial consumers and help them move towards a net-zero future,” Serentica Renewables director Pratik Agarwal said.
Founded in 2022, Serentica seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries.
In May, Serentica raised an additional $250 million from KKR & Co, months after bagging $400 million from the private equity firm.
The company said its overall portfolio will supply more than 9 BUs of clean energy annually, thereby offsetting 8.5 million tonnes of CO2.
India’s renewables sector has been attracting increasing foreign investment and was among its top five industries for overseas funds in the last fiscal year, with a 5% share of all inflows in April to September 2022, compared with 3.3% in the same period a year ago, according to Reuters.
In June, Indian renewable energy company CleanMax Enviro Energy Solutions said Brookfield Renewable has acquired a controlling stake in the firm with $360 million in equity funding.
REC Limited, a Maharatna company, claims to be on a trajectory to achieve a green finance loan book of Rs. 3 lakh crore by the fiscal year 2030.
REC is targeting revenue from operations of Rs. 46,935 crore in 2023-24 and Rs 56,322 crore in 2024-25.
Earlier this month, the firm said it had sanctioned Rs. 6,075 crore to Greenko for the erection of the 1440 MW standalone pumped storage project.
Power Finance Corp. is a Non-Banking Financial Corporation (NBFC) in India. In July, PFC had signed MoUs worth Rs. 2.37 lakh crore with 20 companies in clean energy space. PFC has a majority shareholding in REC. Both REC and PFC are under the administrative control of the Ministry of Power, Govt. of India.