On Thursday, Serentica Renewables announced that it has secured $100 million in debt financing from Rabobank and SociétéGénérale to fund the development of a 300 MW solar power project in Rajasthan. The company, a leading provider of renewable energy for Commercial & Industrial (C&I) sectors in India, confirmed the successful closure of its second External Commercial Borrowing (ECB) financing.
This key project is designed to supply green energy to Bharat Aluminium Company Limited (BALCO), a major aluminum producer and a subsidiary of Vedanta Group. It marks another important step toward reducing carbon emissions in India’s industrial sector.
Akshay Hiranandani, CEO of Serentica Renewables, commented, “This is an important milestone in our effort to deliver reliable, clean energy solutions, helping large industries like BALCO reduce their carbon footprint and contribute to a more sustainable future for the country.”
Amardeep Parmar, Head of Project Finance Asia at Rabobank, added, “We are excited to continue our partnership with Serentica and bring our expertise to a project that will have a lasting positive environmental impact.”
Serentica has also reached a significant milestone, achieving 1,000 MW in renewable energy capacity with ongoing projects across various states. These projects leverage a mix of solar, wind, energy storage, and innovative balancing solutions.
Supported by a $650 million investment from KKR, Serentica aims to deliver more than 50 billion units of clean energy annually, which will help reduce CO2 emissions by 47 million tons. Rabobank is a global cooperative bank with deep Dutch roots, founded in 1898.
For over 127 years, collaboration has been central to its mission, with a workforce of more than 49,000 employees operating in 37 countries. In the Netherlands, Rabobank provides a broad spectrum of retail and commercial banking services, with a strong focus on sectors such as energy transition and food & agriculture.
Ranked among the world’s largest financial institutions by Tier 1 capital, Rabobank holds strong credit ratings from all major rating agencies. It is also recognized by Sustainalytics as one of the top-performing banks globally in environmental, social, and governance (ESG) practices. Guided by the belief that making life and business more sustainable is one of today’s greatest challenges, Rabobank partners with its clients to co-create solutions that reshape how food is grown and energy is produced.
Founded in 2022, Serentica Renewables is a forward-looking independent power producer (IPP) dedicated to decarbonizing India’s most energy-intensive industries through firm, dispatchable renewable energy (FDRE) solutions. Focused on transforming the commercial and industrial (C&I) sector—which consumes over half of India’s electricity—Serentica is pioneering a large-scale shift toward green power.
The company has reached a major milestone with 1,000 MW of renewable capacity and is developing projects across multiple states using a strategic mix of solar, wind, energy storage, and grid-balancing technologies. With backing from a $650 million investment by KKR, Serentica is targeting the delivery of over 50 billion units of clean energy annually—enabling the avoidance of approximately 47 million tons of CO₂ emissions. Through its innovative approach and advanced contractual models, Serentica is helping to drive India’s energy transition while ensuring reliable, cost-effective, and sustainable power for its growing industrial clientele.
