OCTOBER 20238SERENTICA PARTNERS WITH PFC FOR DEBT FINANCING OF RS 2,600 CRSerentica Renewables announced a partnership with PFC for a debt financing of Rs 2,600 crore for planned projects in Karnataka. The business is installing 400 MW of wind and solar capacity in Karnataka, where it has already obtained connectivity to the interstate transmission system (ISTS).Pratik Agarwal, Director of Serentica Renewables, "the debt funding will accelerate our journey towards supplying 40 billion units of clean energy annually to industries that use a lot of energy and displacing 37 million tonne of carbon emissions."This transaction is consistent with PFC's growing role in funding green initiatives and establishing itself as the focus organisation for energy transformation, according to Parminder Chopra, Chairman & Managing Director, PFC.A decarbonization platform called Serentica Renewables (India) aims to offer clean energy solutions that will make it possible for large-scale, energy-intensive companies to switch to using clean energy. Serentica uses a combination of solar, wind, energy storage, and balancing methods to deliver guaranteed sustainable energy. Leading international investor KKR has previously invested & 650 million in the company. TATA POWER COMPANY EXPANDS ITS 3.125 MW AC GROUP CAPTIVE SOLAR PROJECT IN MAHARASHTRATata Power Renewable Energy (TPREL), a leading renewable energy player and a subsidiary of The Tata Power Company has signed a Power Delivery Agreement (PDA) with Xpro India through a special purpose vehicle (SPV), for the development of a 3.125 MW AC group captive solar plant. The SPV shall develop, operate, and maintain this captive solar power facility. Located in Achegaon, Maharashtra, the plant is expected to produce 7.128 million units of electricity annually and will support the use of renewable energy for Xpro India's Polymer Processing Business. 161 million units of electricity will be generated during the agreement term of 25 years and will mitigate approximately 51,660 tons of carbon dioxide emissions.Speaking about the partnership, Ashish Khanna, CEO, Tata Power Renewable Energy stated, "We are pleased to join hands with Xpro India to establish a group captive plant for its polymer processing business. The alliance reflects our commitment to promote the adoption of renewable power in energy intensive businesses and to contribute towards the nation's clean energy transition journey.""We believe that this collaboration with TPREL is a significant step in our sustainability journey", Vinay Kumar Agarwal, President (Finance) & Chief Financial Officer, Xpro India said while adding, "By sourcing clean energy through this PDA, we are moving forward towards reduced carbon emission and meeting our ESG target of protection of the environment to the extent possible." TOP STORIES
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