Mumbai: Serentica Renewables recently announced the signing of its first international and commercial bank foreign currency loan worth Rs 3,500 crores (US$ 425 million) for its “Round-the-Clock” renewable energy project in India.
The transaction brings together a consortium of three international banks (Rabobank, MUFG Bank and Societe Generale) and three Indian lenders (YES Bank, Export-Import Bank of India, India Infrastructure Finance Company) in a “historic first” for the Indian corporate offtake market.
This landmark deal will help Serentica – a leading C&I focused renewable energy developer in India – in funding development of its 530 MW hybrid (wind and solar) renewable energy project coming up in Rajasthan and Maharashtra, which will provide clean energy to Hindustan Zinc in replacing 24% of their coal-based power supply with firm dispatchable green power while also significantly reducing their carbon footprint.
“Rabobank is pleased to lead and structure this landmark renewable transaction in the C&I segment,” Amardeep Parmar, Head-Project Finance Asia, said adding “We look forward to partner with Serentica in their future energy transition endeavours.”
The capital infusion comes close on the heels of the total debt raise of Rs 5600 crores that the company secured from power sector majors – PFC and REC – recently.
Serentica Renewables (India) is a decarbonization platform that looks to provide round-the-clock clean energy solutions, enabling transition of large-scale, energy-intensive industries to clean energy.
Serentica is committed to developing 4GW of renewable capacities across India to deliver round-the-clock energy needs of customers, and the overall portfolio will supply more than 9 BUs of clean energy annually, off-setting 8.5 million tonnes of CO2.
Serentica’s vision is to supply over 40 billion units of clean energy annually in the medium term and displace 37 million tonnes of CO2 emissions. The company has already secured investments worth &650 million from leading global investor KKR, a release stated.
