Serentica Renewables has secured a loan agreement for debt financing of up to $345.1 million to support the development and refinancing of a large-scale solar-wind hybrid renewable energy project in Koppal, Karnataka. The funding has been arranged through a consortium of lenders led by the Asian Development Bank (ADB) and executed through the company’s special purpose vehicle, Serentica Renewables India 1 Private Limited (SRI 1).
Under the financing arrangement, ADB will provide up to $138 million from its own resources and has mobilized an additional up to $207.1 million from the Export-Import Bank of India, New Development Bank, and Sumitomo Mitsui Banking Corporation, reflecting continued support from global financial institutions for renewable energy development in India.
The hybrid renewable energy project will include 191.4 MW of ground-mounted solar photovoltaic capacity and 204 MW of wind power capacity. Designed to deliver round-the-clock renewable energy under the group captive model, the project will supply clean electricity to Bharat Aluminium Company Limited (BALCO), supporting the company’s objective of achieving net-zero emissions by 2050.
Commenting on the development, Pratik Agarwal, Managing Director, Sterlite Electric and Chairman of Resonia and Serentica Renewables, said the partnership with ADB reinforces the company’s vision of delivering reliable round-the-clock renewable energy solutions while accelerating India’s industrial transition to a low-carbon economy.
The project is expected to generate approximately 1,073 GWh of renewable energy annually and help avoid more than 880,000 tonnes of carbon dioxide emissions each year. It is expected to contribute to India’s renewable energy and climate goals, including expanding non-fossil fuel power generation capacity and reducing carbon intensity.
Beyond clean energy generation, the project is also expected to create local employment opportunities and promote gender inclusion through leadership development initiatives and workplace policy reforms. The solar and wind facilities will be located across dedicated sites in Karnataka and connected through integrated transmission infrastructure to enable efficient power evacuation.
The financing marks another milestone in Serentica Renewables’ strategy to expand its portfolio of renewable energy, storage, and round-the-clock power solutions. The company continues to focus on supporting the decarbonisation of energy-intensive industries by providing scalable and reliable clean energy solutions.
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