Serentica Renewables, a renewable energy company focused on the Commercial & Industrial (C & I) sector in India, has successfully completed the financial close of its second External Commercial Borrowing (ECB) transaction. The company has secured over USD 100 million in debt funding from international lenders Rabobank and Société Générale.
The funds will be used to develop a 300 MW solar power project in Rajasthan. Once operational, this project will supply clean energy to Bharat Aluminium Company Limited (BALCO), a major aluminum producer in India and a subsidiary of the Vedanta Group. The project plays a key role in helping decarbonize industrial operations and promote sustainable practices within India’s heavy industries.
Akshay Hiranandani, CEO of Serentica Renewables, stated, “This successful financial close, backed by global partners like Rabobank and Société Générale, is a testament to the growing confidence in our vision to accelerate India’s energy transition. It’s a crucial step in our mission to provide reliable, clean energy solutions that empower industrial giants like BALCO to decarbonize, driving a greener and more sustainable future for the nation.”
Amardeep Parmar, Head of Project Finance Asia, Rabobank, stated, “This transaction reflects Rabobank’s continued commitment to supporting energy transition in India. We are proud to partner again with Serentica and bring our structuring expertise to a project that will deliver strong long-term sustainable impact.
This financial milestone highlights Serentica’s ability to structure global financing arrangements and reflects strong confidence from international institutions in the company’s business model and project execution. The deal also supports Serentica’s broader mission to provide reliable renewable energy to large industrial consumers and contribute to India’s clean energy transition.
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