Serentica Renewables Powers Up with Rs 3,500 Crore Green Boost

Serentica Renewables has successfully secured a significant financial boost of Rs 3,500 crore from a consortium of international and commercial banks for its ambitious 530 MW round-the-clock (RTC) renewable energy (RE) projects. The consortium, comprised of six major banks, includes international players Rabobank, MUFG Bank, and Société Générale, as well as Indian lenders YES Bank, Export-Import Bank of India, and India Infrastructure Finance Company (IIFCL). Notably, Rabobank played a pivotal role as the sole structuring bank for this renewable transaction within the commerce and industry (C&I) segment.

The funds obtained through this transaction are earmarked to support Serentica's development of hybrid RE projects in Rajasthan and Maharashtra. The primary objective of these projects is to provide clean energy to Hindustan Zinc, enabling the replacement of 24 percent of their coal-based power with environmentally friendly alternatives and substantially reducing their carbon footprint.

Serentica Renewables is committed to expanding its renewable energy capacity nationwide, with the goal of generating over nine billion units of clean energy annually and offsetting 8.5 million tonnes of CO2. In the long term, the company aims to supply more than 40 billion units of clean energy each year, displacing 37 million tonnes of CO2 emissions.

This substantial capital infusion follows closely on the heels of Serentica's recent debt raise of Rs 5,600 crore from major players in the power sector, namely PFC & REC. These financial developments underscore the company's determination to advance its renewable energy initiatives and contribute significantly to India's sustainable and low-carbon energy landscape.

News by Rahul Yelligetti