Serentica Renewables, a leading renewable energy provider focused on India's Commercial & Industrial (C&I) sector, has successfully closed its second round of External Commercial Borrowing (ECB) financing. The company has secured over US$ 100 million in debt funding from global financial powerhouses Rabobank and Société Générale to support the development of a 300 MW solar power project in Rajasthan.
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The capital will fuel the development of a 300 MW solar power project in Rajasthan, an ambitious initiative designed to supply clean, reliable energy to Bharat Aluminium Company Limited (BALCO), one of India's top aluminium producers and a key subsidiary of the Vedanta Group. This project marks a major stride toward decarbonising India's industrial core and accelerating the nation's transition to sustainable energy.
Akshay Hiranandani, CEO of Serentica Renewables, said, "This successful financial close, backed by global partners like Rabobank and Société Générale, is a testament to the growing confidence in our vision to accelerate India's energy transition. 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."
The successful closure of this ECB financing marks a significant milestone in Serentica's mission to fast-track India's energy transition and decarbonise hard-to-abate industrial sectors. It highlights the company's growing expertise in crafting innovative financing solutions and building strong global partnerships to deliver reliable, clean energy to large commercial and industrial users.
This achievement also underscores the strong confidence that international lenders place in Serentica's resilient business model, proven execution capabilities, and bold long-term vision to power a greener, more sustainable future for India.
"This transaction reflects Rabobank's continued commitment to supporting energy transition in India. We are proud to partner again with Serentica and bring our structuring expertise to a project that will deliver strong long-term sustainable impact," added Amardeep Parmar, Head of Project Finance Asia, Rabobank.
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