Serentica Renewables Secures Funding for 530 MW Renewable Energy Project
Serentica Renewables declared the acquisition of its inaugural overseas commercial bank loan in foreign currency, amounting to INR 3500 crores (USD 425 million) for its continuous renewable energy project in India. This significant transaction involves a collaboration among three global banks (Rabobank, MUFG Bank, Societe Generale) and three domestic Indian lenders (YES Bank, Export-Import Bank of India, India Infrastructure Finance Company), marking a momentous occurrence in India's corporate off-take market. Rabobank played the role of the exclusive structuring bank for this loan facility.
This significant agreement will aid Serentica in financing the establishment of its 530 MW hybrid (wind and solar) renewable energy project in Rajasthan and Maharashtra. The project is designed to offer clean energy to Hindustan Zinc, one of India's largest zinc producers. It aims to replace 24% of their coal-powered energy supply with reliable and dispatchable green power, substantially diminishing their carbon emissions.
Pratik Agarwal, Chairman of Serentica Renewables, expressed gratitude to their banking partners for their trust in facilitating the initial dollar loan for an Indian C&I project. Agarwal pledged to intensify efforts to build upon this confidence. Amardeep Parmar, Head of Project Finance Asia at Rabobank, conveyed Rabobank's satisfaction in spearheading and structuring this groundbreaking renewable transaction in the C&I segment. Parmar expressed enthusiasm about further collaboration with Serentica in their future endeavors in energy transition.
Serentica is dedicated to developing 4 gigawatts (GW) of renewable energy capacities across India to meet the continuous green energy demands of its clients. The collective portfolio aims to supply more than 9 billion units (BUs) of clean energy annually, effectively offsetting 8.5 million tonnes of CO2 emissions. The company envisions supplying over 40 billion units of clean energy yearly in the medium term and displacing 37 million tonnes of CO2 emissions. This capital infusion follows closely on the heels of the company securing a total debt of INR 5600 crores from significant players in the power sector, namely PFC & REC.