KKR-Vedanta JV ties up Rs 2,600 crore loans for green power projects – EQ Mag
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KKR and Vedanta joint venture (JV), Serentica Renewables, has tied up a loan of Rs 2,600 crore from Power Finance Corporation (PFC) for green power projects which are being built to meet captive needs of Vedanta Group companies, and BALCO in particular.
The total cost of those projects is around Rs 3,500 crore and have a power generation capacity of around 400 MW.
Serentica Renewables, in which KKR has pumped over USD 650 million so far, would build solar and wind projects in Karnataka. The company is in the process of building renewable power projects with a capacity to generate over 1.5 GW of power.
In the medium-term, Serentica is targeting to install 5,000 MW of carbon-free generation capacity along with storage technologies. Eventually, it would be well-positioned to supply over 15 billion units of clean energy annually, with the potential to displace 20 million tonne of CO2 emissions.
Source: PTI
