Serentica Renewables Secures $425 mn Loan for Renewable Energy Project

By Editor


Serentica Renewables, a player in India’s renewable energy development sector, has mobilized inaugural international commercial bank loan valued at INR 3500 crores (approximately $425 million).

The financing arrangement involves a consortium comprising three foreign banks — Rabobank, MUFG Bank, and Societe Generale — alongside three Indian lenders — YES Bank, Export-Import Bank of India, and India Infrastructure Finance Company. Notably, Rabobank played a pivotal role as the exclusive structuring bank for this substantial loan.

This deal is set to propel Serentica’s progress in establishing a 530 MW hybrid (wind and solar) renewable energy project across Rajasthan and Maharashtra. The project is strategically designed to supply sustainable energy to Hindustan Zinc, one of India’s largest zinc producers. The initiative aims to replace 24 percent of the company’s coal-dependent power with eco-friendly alternatives, significantly curbing their carbon footprint.

Pratik Agarwal, Chairman of Serentica Renewables, has expressed gratitude to the banking partners for their trust in facilitating this pioneering dollar loan for a C&I project within India.

Serentica aims to develop 4GW of renewable energy capacities across India, catering to the round-the-clock green energy demands of its clientele. The comprehensive portfolio is projected to deliver over 9 BUs (billion units) of clean energy annually, effectively offsetting 8.5 million tonnes of CO2 emissions. The company aims to supply more than 40 billion units of clean energy per year in the medium term, displacing a staggering 37 million tonnes of CO2 emissions.

This significant capital infusion closely follows the recent securing of INR 5600 crores in debt from prominent players in the power sector, PFC and REC.

Notably, Serentica has already secured substantial investments totaling $650 million from the globally renowned investor, KKR.

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