Serentica Renewables Private Limited has secured external commercial borrowings (ECBs) amounting to Rs 35 billion for the company’s round-the-clock renewable energy project.
The financial transaction involves collaboration with a consortium of six prominent banks, including international players Rabobank, MUFG Bank, and Société Générale, alongside Indian lenders YES Bank, Export-Import Bank of India, and India Infrastructure Finance Company. Rabobank played a pivotal role as the sole structuring bank for this significant loan facility.
The funding will support Serentica’s development of a 530 MW hybrid renewable energy project in Rajasthan and Maharashtra. The project’s primary objective is to provide clean energy to Hindustan Zinc Limited with an aim to replace 24 per cent of their coal-based power consumption with green power, substantially reducing their carbon footprint.