Indian commercial and industrial (C&I) renewables developer Serentica Renewables has secured financing for a 530MW round-the-clock hybrid project in India.
Comprising a consortium of international and domestic banks, the company raised a foreign currency loan of US$425 million to fund the development of the solar and wind project that will be built in the states of Rajasthan and Maharashtra.
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The project will provide renewable energy to a zinc producer, Hindustan Zinc, and replace nearly a quarter of the coal-based power supply with the dispatchable renewable power of the 530MW hybrid project.
The foreign currency loan comprises international entities Rabobank, MUFG Bank and Société Générale, while Indian lenders are YES Bank, Export-Import Bank of India and India Infrastructure Finance Company. Rabobank acted as the sole structuring bank for this loan facility.
Pratik Agarwal, chairman at Serentica Renewables, said: “We thank our banking partners, who have trusted us with the first ever dollar loan for a C&I project in India.”
This project is part of Serentica’s 4GW development portfolio of renewables to deliver round-the-clock green energy in India. The company launched a renewables platform in 2022 with the goal to install 1.5GW of hybrid wind and solar power.
Hybrid projects that can deliver round-the-clock (RTC) power have been an ever-growing trend in India with investments in these projects among one of the key trends in early 2023.
More and more utilities and companies are seeking RTC renewable energy projects. Among them are the 250MW solar-wind hybrid project from Tata Power, a 300MW hybrid project from retail giant Amazon, a third tender seeking 2.5GW RTC renewables energy from state-owned Solar Energy Corporation of India and an expression of interest from state-owned power trading entity NVVN for RTC renewable energy, as covered by our sister site Energy-Storage.news.