Serentica Renewables, a key player in India’s Commercial & Industrial (C&I) renewable energy sector, has achieved a major financial milestone by securing over $100 million in its second round of External Commercial Borrowing (ECB) financing. The debt funding has been raised from global financial powerhouses Rabobank and Société Générale, and will be utilised to develop a 300 MW solar power project in Rajasthan.
This large-scale renewable energy initiative is poised to supply green energy to Bharat Aluminium Company Limited (BALCO), one of India’s leading aluminium producers and a subsidiary of the Vedanta Group. The partnership marks another significant leap in the nation’s efforts to decarbonise its industrial backbone.
The successful closure of this ECB financing not only underlines the strength of Serentica’s business model but also the global financial community’s growing trust in India’s renewable energy trajectory.
“This successful financial close, backed by global partners like Rabobank and Société Générale, is a testament to the growing confidence in our vision to accelerate India’s energy transition,” said Akshay Hiranandani, CEO of Serentica Renewables. “It’s a crucial step in our mission to provide reliable, clean energy solutions that empower industrial giants like BALCO to decarbonise, driving a greener and more sustainable future for the nation.”
The 300 MW project is part of Serentica’s broader strategy to provide firm and dispatchable renewable energy to large-scale industrial clients, reducing their dependence on fossil fuels and enhancing sustainability.
The ECB financing deal also underscores the increasing commitment of international banks towards supporting India’s transition to clean energy. This is the second time Rabobank is backing Serentica, highlighting a growing and successful partnership.
“This transaction reflects Rabobank’s continued commitment to supporting energy transition in India,” said Amardeep Parmar, Head of Project Finance Asia, Rabobank. “We are proud to partner again with Serentica and bring our structuring expertise to a project that will deliver strong long-term sustainable impact.”
Société Générale also brings its extensive project finance expertise to the table, helping Serentica structure a robust and innovative financing model to deliver on its clean energy promises.
This development represents a significant chapter in Serentica’s mission to decarbonise India’s hard-to-abate industrial sectors. With rising demand for sustainable energy solutions, the company continues to establish itself as a frontrunner in building dependable green energy infrastructure for industrial use.
Serentica’s progress further reflects the rising global interest in India’s renewable energy landscape and the pivotal role that structured international financing can play in expediting the country’s clean energy goals.
As Serentica accelerates its renewable energy footprint with the Rajasthan solar project, the collaboration with BALCO is set to contribute meaningfully to the reduction of carbon emissions in the aluminium sector, an industry historically known for its high energy consumption.
With this successful ECB closure, Serentica strengthens its position as a leading catalyst in India’s renewable energy movement and reaffirms its commitment to building a sustainable energy future for industrial India.
