Independent power producer (IPP) and clean energy solutions provider Serentica Renewables has secured over USD 100 million in debt financing to back the development of a 300-MW solar project in Rajasthan, India.
The loan agreement was signed with Dutch Rabobank and France’s Societe Generale, the Haryana, India-based company said on Thursday, adding that this is its second external commercial borrowing (ECB) financing.
The project that will benefit from the arrangement will create a photovoltaic (PV) park that will generate electricity for domestic aluminum producer Bharat Aluminium Company Limited (BALCO), a subsidiary of Vedanta Group. Additional details about the scheme were not provided in the press statement.
Serentica, which was launched in 2022 and counts US private equity firm KKR & Co as a backer, has 1 GW of renewables assets, including ongoing projects across multiple states in India. In late 2024, the company committed to investing INR 500 billion (USD 5.83bn/EUR 5.1bn) for the deployment of 10 GW of new renewable power capacities across Rajasthan.
