Indian renewable power and clean energy solutions provider, Serentica Renewables, has successfully secured a INR-35-billion (USD 421m/EUR 385m) loan to propel the development of a substantial 530-MW hybrid wind and solar power project in the states of Rajasthan and Maharashtra. The project is strategically designed to supply clean power to Hindustan Zinc Ltd, a prominent Indian producer of zinc, lead, and silver, with the intent of replacing 24% of its coal-based power supply.
The financing milestone was achieved through Serentica's inaugural international and commercial bank foreign currency loan, a noteworthy accomplishment for the company. The loan arrangement involved collaboration with three international lenders—Rabobank, MUFG Bank, and Societe Generale—alongside three Indian lenders—YES Bank, Export-Import Bank of India, and India Infrastructure Finance Company.
Pratik Agarwal, Chairman of Serentica, expressed gratitude to the company's banking partners, highlighting the significance of securing the first-ever dollar loan for a commercial and industrial (C&I) project in India. He emphasized the company's commitment to building on this trust and furthering its efforts in the renewable energy sector.
Supported by US private equity firm KKR & Co, Serentica Renewables has set an ambitious target of installing 4 GW of renewable energy capacities across India. This recent loan follows the company's successful completion of a INR-30-billion debt funding in September, facilitated by REC Limited—one of the major lenders in the power sector. The proceeds from the earlier transaction were directed towards aiding Serentica in realizing 560 MW of wind and solar capacities in the state of Karnataka.
