Serentica Renewables has inked its inaugural overseas commercial bank loan denominated in foreign currency, amounting to Rs 35 billion. This financing is intended for the implementation of its round-the-clock (RTC) renewable energy initiative in India.
The deal marks the collaboration of a group comprising three global banks (Rabobank, MUFG Bank, Société Générale) and three Indian financial institutions (YES Bank, Export-Import Bank of India, India Infrastructure Finance Company), marking a groundbreaking milestone in the Indian corporate offtake market. Rabobank acted as the structuring bank for this loan facility.
This agreement will assist Serentica in financing the construction of its 530 MW hybrid renewable energy project, incorporating both wind and solar, to be located in Rajasthan and Maharashtra. The initiative aims to supply clean energy to Hindustan Zinc. This will result in the substitution of 24 per cent of their coal-dependent power provision with reliable, dispatchable green power, leading to a substantial reduction in their carbon footprint.
In January 2024, for its RTC renewable energy project in India, Serentica Renewables successfully secured its first foreign currency loan of Rs 35 billion from commercial and international banks.
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.
