Serentica Renewables, a prominent renewable energy developer in India, has successfully secured a first-of-its-kind international and commercial bank foreign currency loan amounting to ₹3,500 crores ($425 million). The financing, led by a consortium of international banks including Rabobank, MUFG Bank, and Société Générale, along with Indian lenders YES Bank, Export-Import Bank of India, and India Infrastructure Finance Company, marks a historic milestone in the Indian corporate offtake market. Rabobank played a pivotal role as the sole structuring bank for this significant loan facility.
The capital infusion is designated for Serentica’s ambitious Round-The-Clock renewable energy project, a 530 MW hybrid endeavor combining wind and solar technologies. This project, situated in Rajasthan and Maharashtra, is poised to provide clean energy to one of India’s largest zinc producers, Hindustan Zinc. The initiative aims to replace 24% of Hindustan Zinc’s coal-based power supply with firm dispatchable green power, contributing substantially to the reduction of their carbon footprint.
Expressing gratitude to the banking partners, Pratik Agarwal, Chairman of Serentica Renewables, commented, “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 of Project Finance Asia at Rabobank, shared his enthusiasm, stating, “Rabobank is pleased to lead and structure this landmark renewable transaction in the C&I segment. We look forward to partnering with Serentica in their future energy transition endeavours.”
Serentica Renewables has set an ambitious goal of developing 4 GW of renewable energy capacities across India to meet the round-the-clock green energy needs of its customers. The overall portfolio is projected to supply more than 9 billion units of clean energy annually, offsetting an impressive 8.5 million tonnes of CO2. Serentica’s visionary mission is to supply over 40 billion units of clean energy annually in the medium term, displacing 37 million tonnes of CO2 emissions.
This significant capital injection closely follows Serentica’s recent achievement of securing a total debt raise of ₹5,600 crores from power sector majors PFC & REC, further reinforcing the company’s financial position and commitment to advancing India’s renewable energy landscape.
