New Delhi: Serentica Renewables on Monday said it has tied up with six banks for a Rs 3,500 crore loan for a 530 MW upcoming round-the-clock renewable project in India. The transaction brings together a consortium of three international banks (Rabobank, MUFG Bank, Société Générale) and three Indian lenders (YES Bank, Export-Import Bank of India, India Infrastructure Finance Company) in a historic first for the Indian corporate offtake market, a company statement said. Rabobank acted as the sole structuring bank for this loan facility, it stated. This is Serentica’s first international and commercial bank foreign currency loan. This deal will help Serentica fund the development of its 530 MW hybrid (wind and solar) project coming up in Rajasthan and Maharashtra. The project will provide clean energy to one of India’s largest zinc producers, Hindustan Zinc, replacing 24 per cent of their coal-based power supply with firm dispatchable green power while significantly reducing their carbon footprint. The capital infusion comes close on the heels of debt raise of Rs 5,600 crore that the company secured from power sector majors – PFC & REC, recently. Established in 2022, Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers.
