Serentica Renewables secures over $100 million debt funding from Rabobank, Societe Generale

Serentica Renewables on Thursday said it has secured USD 100 million in debt financing from global financial institutions Rabobank and Societe Generale to support the development of a 300 MW solar power project in Rajasthan.

Serentica Renewables, a leading Commercial & Industrial (C&I) focused renewable energy company in India, has announced the financial close of its second External Commercial Borrowing (ECB) financing, according to a company statement.

This strategic project has been designed to supply green energy to Bharat Aluminium Company Limited (BALCO), one of India's leading aluminum producers and a subsidiary of the Vedanta Group, marking another significant step in decarbonising India's industrial sector, it stated.

Akshay Hiranandani, CEO of Serentica Renewables, said, "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."

"We are proud to partner again with Serentica and bring our structuring expertise to a project that will deliver strong, long-term, sustainable impact," said Amardeep Parmar, Head of Project Finance Asia, Rabobank.

The company has achieved a significant milestone by reaching 1,000 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions.

Backed by a USD 650 million investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, enabling the displacement of 47 million tons of CO₂ emissions.