Serentica Renewables Lands Historic INR 3,500 Crore ECB Funding for 530 MW Continuous Renewable Project in India

In a groundbreaking move, Serentica Renewables, a prominent renewable energy developer focusing on Commercial & Industrial (C&I) sectors in India, announced a historic achievement with the signing of its inaugural international and commercial bank foreign currency loan valued at INR 3500 crores (approximately US$425 million). This funding, orchestrated for its Round-The-Clock renewable energy project in India, marks a pivotal moment by uniting a consortium of leading financial institutions from both international and Indian spheres. The collaboration involves three international banks – Rabobank, MUFG Bank, Société Générale – alongside three Indian lenders – YES Bank, Export-Import Bank of India, India Infrastructure Finance Company, showcasing a landmark collaboration within the Indian corporate offtake market. Rabobank played a pivotal role as the sole structuring bank for this loan facility.

This financial milestone serves as a catalyst for Serentica’s forthcoming 530 MW hybrid (wind and solar) renewable energy project, slated for development in Rajasthan and Maharashtra. The project holds the promise of supplying clean energy to one of India’s largest zinc producers, Hindustan Zinc, effectively substituting 24% of their coal-based power supply with reliable dispatchable green power while significantly curbing their carbon footprint.

Expressing gratitude for this significant achievement, Mr. Pratik Agarwal, Chairman of Serentica Renewables, conveyed appreciation to the banking partners, underscoring their trust in supporting the pioneering dollar loan for a C&I project in India. He emphasized the company’s commitment to furthering this trust through continuous dedication and effort.

Mr. Amardeep Parmar, Head of Project Finance Asia at Rabobank, highlighted the institution’s satisfaction in spearheading and structuring this milestone renewable transaction within the C&I segment. He expressed eagerness to continue collaborating with Serentica in their future initiatives toward energy transition.

Serentica Renewables remains steadfast in its ambition to develop 4GW of renewable energy capacities nationwide, catering to the round-the-clock green energy requirements of its clientele. The cumulative portfolio is poised to deliver over 9 billion Units (BUs) of clean energy annually, effectively offsetting 8.5 million tonnes of CO2 emissions. With a vision to supply more than 40 billion units of clean energy annually in the medium term, Serentica aims to displace 37 million tonnes of CO2 emissions.

This significant capital infusion closely follows the recent accomplishment of securing a total debt of INR 5600 crores from power sector majors – PFC & REC – underscoring Serentica Renewables’ commitment to pioneering sustainable energy initiatives.