Serentica Renewables has secured a loan agreement of up to $345.1 million from a consortium of lenders led by the Asian Development Bank (ADB) to refinance and develop its large-scale solar-wind hybrid project at Koppal, Karnataka. The deal was executed through Serentica Renewables India 1 Private Limited, the company’s special purpose vehicle.
As part of the transaction, ADB has mobilised up to $207.1 million from the Export-Import Bank of India, the New Development Bank and Sumitomo Mitsui Banking Corporation, while retaining an exposure of up to $138 million. The project comprises 191.4 MW of ground-mounted solar photovoltaic capacity and 204 MW of wind capacity. The power generated will be supplied to Bharat Aluminium Company Limited under the group captive model.