Serentica secures ADB-led debt financing for 200 MW hybrid project in Karnataka

Serentica Renewables has secured debt financing of up to $345.1 million from a consortium of lenders led by the Asian Development Bank (ADB) to develop and refinance a large-scale solar-wind hybrid project in Koppal, Karnataka. The funding was raised through Serentica’s special purpose vehicle, Serentica Renewables India 1 Pvt Ltd (SRI 1).

As part of the transaction, ADB has mobilized up to $ 207.1 million from Export-Import Bank of India, New Development Bank, and Sumitomo Mitsui Banking Corp while keeping its exposure of up to $ 138 million.

The project will comprise 191.4 MW of ground-mounted solar PV capacity and 204 MW of wind power capacity, delivering reliable, round-the-clock renewable energy under the group captive model. The clean power generated from the project will be supplied to Bharat Aluminium Co. Limited (BALCO), supporting its journey towards achieving net zero emissions by 2050.

The project is expected to generate approximately 1,073 GWh of renewable energy annually and avoid over 880,000 tonnes of carbon dioxide emissions every year.

Located across dedicated solar and wind sites in Karnataka, the project has been designed to maximize renewable energy generation and ensure efficient evacuation through integrated transmission infrastructure.

Established in 2022, Serentica Renewables is a renewable independent power producer (IPP) focused on decarbonizing hard-to-abate industries by providing firm dispatchable renewable energy (FDRE) solutions. The company has achieved a significant milestone by reaching 2,900 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions. Backed by a $650 million investment from KKR, Serentica aims to supply over 50 billion units of clean energy annually, enabling the displacement of 47 million tons of CO2 emissions.