Serentica Renewables secures ₹3500 crores for 530 MW renewable project in India

Landmark $425m loan fuels major hybrid renewable project, accelerating India’s green energy transition goals.

Serentica Renewables, a prominent renewable energy developer focused on Commercial and Industrial (C&I) projects in India, has officially announced the successful signing of its inaugural international commercial bank foreign currency loan valued at INR 3,500 crores (US$425 million). This financing arrangement is dedicated to Serentica’s Round-The-Clock renewable energy initiative in India and involves a consortium comprising three international banks (Rabobank, MUFG Bank, Société Générale) and three Indian lenders (YES Bank, Export-Import Bank of India, India Infrastructure Finance Company). Notably, Rabobank has played a pivotal role as the exclusive structuring bank for this loan facility.

This historic transaction is poised to support Serentica in the funding of its 530 MW hybrid (wind and solar) renewable energy project, strategically located in Rajasthan and Maharashtra. The primary objective of this project is to supply clean energy to one of India’s largest zinc producers, Hindustan Zinc. By replacing 24 percent of their coal-based power supply with reliable dispatchable green power, the initiative aims to substantially mitigate the carbon footprint associated with their operations.

Commenting on the milestone,  Pratik Agarwal, Chairman, Serentica Renewables said, “We thank our banking partners, who have trusted us with the first ever dollar loan for a C&I project in India. We will work harder to build on this trust.”

Amardeep Parmar, Head – Project Finance Asia, Rabobank said, “Rabobank is pleased to lead and structure this landmark renewable transaction in the C&I segment. We look forward to partner with Serentica in their future energy transition endeavours.”