Serentica Renewables Clinches INR 3500 Crore External Commercial Borrowing for 530 MW Round-the-Clock Renewable Energy Project in India

Serentica Renewables, a prominent developer of renewable energy for the commercial and industrial (C&I) sector in India, has marked a significant milestone by securing its first international commercial bank foreign currency loan valued at INR 3500 crores (approximately US$425 million). This financing will support the company’s pioneering Round-The-Clock renewable energy project within India, representing a historic collaboration between a trio of global banks—Rabobank, MUFG Bank, and Société Générale—and three Indian financial institutions—YES Bank, Export-Import Bank of India, and India Infrastructure Finance Company. This collective effort signifies an unprecedented move in the Indian corporate offtake domain, with Rabobank leading the structure of the loan facility.

The funds will be channeled into developing a 530 MW hybrid renewable energy initiative, comprising both wind and solar power, spread across Rajasthan and Maharashtra. This venture aims to supply clean energy to Hindustan Zinc, one of India’s leading zinc producers, thereby facilitating a substantial shift from coal-based power to renewable sources. Specifically, the project is set to replace 24% of Hindustan Zinc’s current coal-derived power with sustainable, dispatchable green energy, significantly reducing their carbon emissions.

Pratik Agarwal, Chairman of Serentica Renewables, expressed gratitude towards the banking partners for their trust and confidence, marking this as the inaugural dollar-denominated loan for a C&I project in India. Amardeep Parmar, Head of Project Finance Asia at Rabobank, also shared his enthusiasm for leading this ground-breaking renewable transaction in the C&I segment, indicating future collaborations with Serentica on energy transition projects.

Serentica’s ambitious plan to develop 4GW of renewable energy capacity across India underscores its commitment to delivering continuous green energy to its clientele, aiming to supply over 40 billion units of clean energy annually in the foreseeable future and reducing CO2 emissions by 37 million tonnes, building on the recent INR 5600 crores debt acquisition from power sector giants PFC & REC.