Saturday, September 23, 2023
HomeKarnatakaREC Limited Sanctions Debt Fund to Serentica for Renewable Project in Karnataka

REC Limited Sanctions Debt Fund to Serentica for Renewable Project in Karnataka

- Advertisement -

REC Limited ties up debt funding of Rs. 3081 crore to Serentica for 560 MW greenfield solar-wind project in Gadag, Karnataka

REC Limited has granted debt funding exceeding Rs. 3,081 Crore to the renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in Gadag district, Karnataka. The loan documentation has been signed, and the disbursement of funds is currently in progress.

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

- Advertisement -

Commitments to COP26 Goals

REC Limited, a Maharatna company, has positioned itself as a leader in facilitating India’s energy transition, in accordance with the nation’s COP26 commitments and recent G20 pledges during India’s G20 Presidency. With a clear vision and unwavering dedication, REC is working towards achieving a green finance loan portfolio of Rs. 3 lakh Crore by the fiscal year 2030.

Shri Vivek Kumar Dewangan, CMD of REC Limited, expressed pride in the company’s role at the forefront of India’s sustainable energy future. He stated, “Our partnerships and collaborations exemplify our commitment to aligning with global visions for a cleaner and greener planet. REC envisions itself as the primary financing partner for India’s energy transition, making a substantial contribution to the global mission of ‘one world, one family, one future’ as outlined by the G20.”

As India and the world strive for a cleaner and greener energy landscape, REC’s dedication to promoting green finance initiatives and its significant role in India’s energy transition underscore its commitment to creating a sustainable and environmentally friendly future.

- Advertisement -

About REC Limited  

REC Limited is a non-banking financial company (NBFC) that focuses on Power Sector Financing and Development throughout India. Established in 1969, REC Ltd. has accumulated over fifty-four years of experience in its field of operations. It offers financial support across the entire power-sector value chain, covering various project types. It includes Generation, Transmission & Distribution, and Renewable Energy. Recently, REC has expanded into the non-power Infrastructure and Logistics sector. It encompasse areas such as airports, metro systems, railways, ports, bridges, and more

- Advertisement -

Leave a Reply

- Advertisment -

Most Popular