For its round-the-clock (RTC) renewable energy project in India, Serentica Renewables has successfully secured its first foreign currency loan of Rs 35 billion from commercial and international banks. In a historic first for the Indian corporate offtake market, the deal unites a consortium of three international banks namely Rabobank, MUFG Bank, Société Générale and three Indian lenders including YES Bank, Export-Import Bank of India, India Infrastructure Finance Company. The only bank that structured this loan facility was Rabobank.
This significant agreement will support Serentica in financing the construction of its 530 MW wind-solar hybrid renewable energy project, planned for Rajasthan and Maharashtra. The initiative aims to supply clean energy to Hindustan Zinc, thereby substituting 24 per cent of their coal-dependent electricity with firm and dispatchable clean electricity. This transition is expected to substantially decrease Hindustan Zinc’s carbon footprint.
In September 2023, Serentica Renewables successfully secured Rs 30 billion from REC Limited in debt funding.
In July 2023, Serentica Renewables announced the signing of a standalone energy storage capacity offtake contract with the Greenko Group to leverage its energy storage capabilities to utilise a cumulative 1,500 MWh capacity from its upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh.
