Renewable energy developer Serentica Renewables has secured ₹35 billion (~$425 million) for its round-the-clock renewable energy project in India from a consortium of three international banks and three Indian lenders.

The deal will allow the company to fund the development of its 530 MW wind-solar hybrid project that will come up in Rajasthan and Maharashtra.

This project will also provide clean energy to Hindustan Zinc, one of India’s largest zinc producers, replacing 24% of its coal-based power supply with firm dispatchable green power.

In the company’s signing of its first international and commercial bank foreign currency loan, the transaction brought together a consortium of international banks Rabobank, MUFG Bank and Société Générale, and Indian lenders YES Bank, Export-Import Bank of India (EXIM) and India Infrastructure Finance Company (IIFCL).

Rabobank acted as the sole structuring bank for this loan facility.

“We thank our banking partners, who have trusted us with the first-ever dollar loan for a C&I project in India. We will work harder to build on this trust,” said Pratik Agarwal, Chairman of Serentica Renewables.

Established in 2022, the company aims to supply over 40 billion units of clean energy annually in the medium term and displace 37 million tons of CO2 emissions. It has targeted the development of 4 GW of renewable energy capacities across the country to deliver round-the-clock green energy needs to its customers.

Last September, Serentica achieved financial closure for its hybrid renewable projects in Karnataka. The entire debt funding of ₹26 billion (~$313 million) was secured from Power Finance Corporation.

In early 2023, the company received a $250 million investment from global investment firm Kohlberg Kravis Roberts to accelerate the transition of its clean energy solutions to industries. This will build on the $400 million investment from the same firm in November 2022.