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REC pioneering India’s Energy Transition; ties up debt funding of Rs. 3081 Cr to Serentica for 560 MW greenfield solar-wind project in Gadag, Karnataka

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Gurugram, 15 September 2023:REC Limited has sanctioned debt funding of over Rs. 3,081 Crore to Serentica Renewables’ 560 MW peak greenfield solar-wind hybrid project at Gadag, Karnataka. The documentation has already been inked and disbursement of funds is also in advance stages.

REC Limited, a Maharatna company, has emerged as a frontrunner in catalyzing India’s energy transition in alignment with the nation’s COP26 commitments and recent G20 pledges. With a resolute vision and unwavering commitment, REC is on a trajectory to achieve a green finance loan book of Rs. 3 lakh Crore by the fiscal year 2030.

Mr. Vivek Kumar Dewangan, CMD at REC Limited, stated, “We are proud to be at the forefront of India’s journey towards a sustainable energy future. Our partnerships and collaborations are a testament to our commitment to align with global visions for a cleaner and greener planet. REC envisions itself as the leading financing partner for India’s energy transition, contributing significantly to the global mission of ‘one world, one family, one future’ as outlined by the G20.”

REC’s dedication to fostering green finance initiatives and its pivotal role in India’s energy transition reinforce its commitment to creating a sustainable and eco-friendly future. As India and the world strive towards a cleaner and greener energy landscape, REC stands as a beacon of progress and innovation.

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