Renewable energy developer, Serentica Renewables has announced the closure of its debt financing of over $100 million from Rabobank and Société Générale. The funds will be used to develop a 300 MW solar power project in Rajasthan.

The project will supply renewable energy to Bharat Aluminium Company (BALCO), a subsidiary of the Vedanta Group.

The loan facility is a key part of Serentica’s financing strategy to support its commercial and industrial-focused renewable energy operations.

Backed by a $650 million investment from KKR, Serentica Renewables, established in 2022, focuses on decarbonizing hard-to-abate industries by delivering firm, dispatchable renewable energy solutions. The company has achieved 1,000 MW of renewable energy capacity with ongoing projects in several states. Serentica aims to supply over 50 billion units of clean energy annually.

Recently, Serentica emerged as one of the top solar open access developers in 2024, according to Mercom’s India Solar Market Leaderboard report.

In the same month, Serentica Renewables entered a power supply and consumption agreement with INOX Air Products to deliver 75 MW of hybrid renewable energy.

Earlier this year, Serentica emerged as one of the winners of the SJVN’s auction to develop 1,200 MW ISTS-connected projects to supply firm and dispatchable renewable energy. The company won a capacity of 100 MW at a tariff of ₹4.89 (~$0.0560)/kWh.

In September 2024, the company won a capacity of 150 MW in NHPC’s auction to supply 1,200 MW of firm and dispatchable power from interstate transmission system-connected renewable power projects coupled with an energy storage system.

Last October, integrated mining and resources company Hindustan Zinc said it would procure 530 MW of round-the-clock power from Serentica’s renewable energy projects under a group captive arrangement. Serentica will supply the power for 25 years.

Early last year, Serentica secured ₹35 billion (~$425 million) from a consortium of three international banks and three Indian lenders to fund the development of its wind-solar hybrid project in Rajasthan and Maharashtra which would supply power to Hindustan Zinc.