Serentica Renewables has achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka. The entire debt funding of ₹26 billion (~$313.3 million) has been secured from power sector lender Power Finance Corporation (PFC).

Serentica aims to install 4 GW of renewable energy capacity across India. In Karnataka, it plans to set up 400 MW of wind and solar energy capacities.

Serentica has already secured connectivity to the inter-state transmission system (ISTS) in the region.

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 tons 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 positioning itself as the focal agency for energy transition.”

Serentica intends to provide over 40 billion units of clean energy annually, displacing 37 million tons of CO2 emissions in the medium term.

Serentica entered into definitive agreements with global investor KKR in November 2022. KKR recently announced a $250 million investment deal, which builds on the $400 million investment last November.

Serentica Renewables is owned by KKR and Twinstar Overseas, which also has controlling stakes in Sterlite Power Transmission and Sterlite Technologies.

The renewable energy developer recently entered into three long-term power purchase agreements and is developing 1.5 GW of solar and wind power projects across various states, including Karnataka, Rajasthan, and Maharashtra.

At the Mercom India Renewables Summit 2023, Serentica won the Deal of the Year (Strategic) award for its $400 million investment deal with KKR. The investment is one of the largest decarbonization investments made in India to date.