Serentica raises debt financing from consortium of lenders led by Asian Development Bank (ADB) to refinance and develop its 200 MW Hybrid project in the state of Karnataka
Karnataka – Serentica Renewables, a leading renewable energy provider in India, has secured a loan agreement for a debt quantum of up to $345.1 million to develop and refinance a large-scale solar-wind hybrid project in Koppal, Karnataka. The funding was raised from a consortium of lenders led by the Asian Development Bank (ADB). The deal was executed through Serentica’s special purpose vehicle, Serentica Renewables India 1 Private Limited (SRI 1).
As part of the transaction, ADB has mobilized up to $ 207.1 million from Export-Import Bank of India, New Development Bank, and Sumitomo Mitsui Banking Corporation while keeping its exposure of up to $ 138 million reaffirming strong global institutional confidence in Serentica’s vision to drive industrial decarbonisation in India.
The project will comprise 191.4 MW of ground-mounted solar photovoltaic capacity and 204 MW of wind power capacity, delivering reliable, round-the-clock renewable energy under the group captive model. The clean power generated from the project will be supplied to Bharat Aluminium Company Limited (BALCO), supporting its journey towards achieving net zero emissions by 2050.
Commenting on the partnership, Pratik Agarwal, Managing Director, Sterlite Electric, Chairman- Resonia and Serentica Renewables; said, ”Our partnership with ADB endorses Serentica’s vision to deliver round-the-clock renewable energy and plays a key role in helping us accelerate India’s industrial low-carbon transition”.
This milestone marks another significant step in Serentica’s mission to enable hard-to-abate industries transition to sustainable energy through innovative, dependable, and scalable clean power solutions. By combining solar, wind, and advanced energy management capabilities, the company is helping industrial customers decarbonise operations while maintaining competitiveness and growth.
The project is expected to generate approximately 1,073 GWh of renewable energy annually and avoid over 880,000 tonnes of carbon dioxide emissions every year, making a meaningful contribution to India’s climate ambitions of achieving 500 GW of non-fossil fuel energy capacity and reducing carbon intensity by 45% by 2030.
Beyond clean energy generation, the project is also expected to create local employment opportunities and advance gender inclusion through leadership development initiatives and workplace policy reforms. Located across dedicated solar and wind sites in Karnataka, the project has been designed to maximize renewable energy generation and ensure efficient evacuation through integrated transmission infrastructure.
With a rapidly expanding portfolio across renewable energy, storage, and round-the-clock solutions, Serentica continues to strengthen its position as a key enabler of India’s industrial decarbonisation and energy transition journey.
