Serentica Renewables, an Indian renewable energy provider backed by KKR, has successfully secured debt financing totaling up to $345.1 million. This funding will support the development and refinancing of a significant solar-wind hybrid renewable energy project located in Koppal, Karnataka. The financing was arranged through Serentica's special purpose vehicle, Serentica Renewables India 1 Private Limited (SRI 1), and was led by a consortium of lenders with the Asian Development Bank (ADB) at its forefront.
The financing package includes up to $138 million directly from ADB's resources, with an additional $207.1 million mobilized from other financial institutions such as the Export-Import Bank of India, New Development Bank, and Sumitomo Mitsui Banking Corporation. This diverse funding reflects strong international confidence in Serentica's strategy to promote industrial decarbonization in India. The project itself will comprise 191.4 MW of ground-mounted solar photovoltaic capacity and 204 MW of wind power capacity.
Designed to deliver round-the-clock renewable energy under a group captive model, the project will supply clean electricity to Bharat Aluminium Company Limited (BALCO), aiding its goal of achieving net-zero emissions by 2050. Annually, the project is anticipated to generate approximately 1,073 GWh of renewable energy and prevent over 880,000 tonnes of carbon dioxide emissions. This initiative significantly contributes to India's climate objectives, including expanding non-fossil fuel power generation capacity and reducing carbon intensity. Beyond environmental benefits, the project is also expected to create local employment opportunities and advance gender inclusion through leadership development and workplace policy reforms.
Pratik Agarwal, Managing Director of Sterlite Electric and Chairman of Serentica Renewables, highlighted that the partnership with ADB reinforces the company's vision to provide reliable, round-the-clock renewable energy, accelerating India’s industrial low-carbon transition. Serentica, established in 2022, aims to achieve 500 GW of non-fossil fuel energy capacity and reduce carbon intensity by 45% by 2030, with a target of supplying over 50 billion units of clean energy annually and displacing 47 million tons of CO2 emissions. The company plans to invest nearly $3.5 billion by March 2027 and double its capacity to 5,000 MW by FY27, with an annual investment strategy of $1.5-2 billion.
