Serentica Renewables has secured a loan agreement for debt financing of up to $345.1 million to develop and refinance a solar-wind hybrid project in Koppal, Karnataka. The financing was raised through a consortium of lenders led by the Asian Development Bank (ADB) and was executed through the company’s special purpose vehicle, Serentica Renewables India 1 Private Limited.
Under the agreement, ADB has mobilised up to $207.1 million from Export-Import Bank of India, New Development Bank and Sumitomo Mitsui Banking Corporation, while retaining an exposure of up to $138 million.
Furthermore, the project will comprise 191.4 MW of ground-mounted solar capacity and 204 MW of wind capacity. The hybrid project will supply round-the-clock renewable energy under the group captive model to Bharat Aluminium Company Limited.
Earlier this month, Serentica Renewables signed a power purchase agreement with the Solar Energy Corporation of India Limited (SECI) for a 600 MW/2,400 MWh project under SECI’s firm and despatchable renewable energy (FDRE) VII assured peak tender. The project will supply FDRE during non-solar hours.
