Serentica Renewables gets $100 mn debt funding from Rabobank, Socit Gnrale

Serentica Renewables, a top C&I-focused green energy firm in India, has achieved financial close on its second External Commercial Borrowing (ECB) funding round, securing international backing

Serentica Renewables on Thursday said it has secured $100 million in debt financing from global financial institutions Rabobank and Socit Gnrale 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 $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.