Serentica Renewables Secures USD 345 Million ADB-Led Financing for Karnataka Solar-Wind Hybrid Project

Serentica Renewables, a renewable energy provider in India, has secured a loan agreement for a debt quantum of up to USD 345.1 million to develop and refinance a large-scale solar-wind hybrid project in Koppal, Karnataka. The funding was raised from a consortium of lenders led by the Asian Development Bank (ADB). The deal was executed through Serentica's special purpose vehicle, Serentica Renewables India 1.

As part of the transaction, ADB has mobilised up to  USD 207.1 million from Export-Import Bank of India, New Development Bank and Sumitomo Mitsui Banking Corporation while keeping its exposure of up to USD 138 million reaffirming global institutional confidence in Serentica’s vision to drive industrial decarbonisation in India.

The project will comprise 191.4 MW of ground-mounted solar photovoltaic 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 Company (BALCO), supporting its journey towards achieving net zero emissions by 2050.

Commenting on the partnership, Pratik Agarwal, Managing Director, Sterlite Electric, Chairman- Resonia and Serentica Renewables, said, ”Our partnership with ADB endorses Serentica’s vision to deliver round-the-clock renewable energy and plays a key role in helping us accelerate India’s industrial low-carbon transition”.

This marks another step in Serentica’s mission to enable hard-to-abate industries transition to sustainable energy through innovative, dependable and scalable clean power solutions. By combining solar, wind and advanced energy management capabilities, the company is helping industrial customers decarbonise operations while maintaining competitiveness and growth.

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, making a meaningful contribution to India’s climate ambitions of achieving 500 GW of non-fossil fuel energy capacity and reducing carbon intensity by 45 percent by 2030.

Beyond clean energy generation, the project is also expected to create local employment opportunities and advance gender inclusion through leadership development initiatives and workplace policy reforms. Located across dedicated solar and wind sites in Karnataka, the project has been designed to maximise renewable energy generation and ensure efficient evacuation through integrated transmission infrastructure.