Serentica Renewables Secures Second ECB Financing of USD 100+ Million from Rabobank and Société Générale to Power BALCO (Bharat Aluminium Company Limited)

04th Jun 2025

New Delhi, 4th June 2025 – Serentica Renewables, a leading Commercial & Industrial (C&I) focused renewable energy company in India, is proud to announce the successful financial close of its second External Commercial Borrowing (ECB) financing. The company has secured USD 100+ million in debt financing from global financial institutions Rabobank and Société Générale to support the development of a 300 MW solar power project in Rajasthan.

This strategic project has been designed to supply green energy to Bharat Aluminium Company Limited (BALCO), one of India’s leading aluminum producers and a subsidiary of the Vedanta Group, marking another significant step in decarbonizing India’s industrial sector.

Commenting on the project milestone Akshay Hiranandani, CEO of Serentica Renewables, said, “This successful financial close, backed by global partners like Rabobank and Société Générale, is a testament to the growing confidence in our vision to accelerate India’s energy transition. It’s a crucial step in our mission to provide reliable, clean energy solutions that empower industrial giants like BALCO to decarbonize, driving a greener and more sustainable future for the nation.”

“This transaction reflects Rabobank’s continued commitment to supporting energy transition in India. We are proud to partner again with Serentica and bring our structuring expertise to a project that will deliver strong long-term sustainable impact,” said Amardeep Parmar, Head of Project Finance Asia, Rabobank.

The successful closure of this ECB financing represents a key milestone in Serentica’s ongoing efforts to accelerate the energy transition and decarbonize India’s hard to abate industries. Serentica continues to demonstrate its ability to structure innovative financing solutions and forge global partnerships that allow for the company to deliver on its mandate of providing reliable, clean energy to large commercial and industrial consumers. This further reinforces the confidence that international lenders share in Serentica’s robust business model, strong execution capabilities, and long-term vision to drive a greener future for India.

About Rabobank

Rabobank is an international cooperative bank with Dutch origins. Founded in 1898, collaboration has been at the heart of everything the bank does for 127 years, with the bank employing more than 49,000 people across 37 countries. In the Netherlands, Rabobank extends its services to retail and commercial banking across various sectors, including energy transition and food & agriculture. Measured by Tier 1 capital, Rabobank Group ranks among the world’s largest financial institutions. The bank holds high credit ratings from all rating agencies and is recognized by Sustainalytics as one of the top-tier best-performing banks in environmental, social, and governance (ESG matters).

Making the way we live and do business more sustainable is among the greatest challenges of our time. This is why Rabobank supports its customers to transition to a sustainable future, by collaborating and co-creating to reinvent the way food and energy is produced.

About Serentica Renewables

Established in 2022, Serentica Renewables is a leading renewable independent power producer (IPP) committed to decarbonizing hard-to-abate industries by providing firm dispatchable renewable energy (FDRE) solutions. With a vision to make renewables the primary energy source for India’s commercial and industrial (C&I) sector—which accounts for over 50% of the country’s electricity consumption—Serentica is driving large-scale industrial decarbonization. The company has achieved a significant milestone by reaching 1,000 MW of renewable energy capacity, with ongoing projects across multiple states, leveraging a mix of solar, wind, energy storage, and advanced balancing solutions. Serentica’s innovative approach ensures reliable and cost-effective green power for its growing customer base, which includes some of India’s largest energy-intensive industries. 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. With a strong pipeline of projects under development, the company is at the forefront of India’s energy transition, deploying cutting-edge technology and innovative contractual structures to accelerate the shift to sustainable power.

For more details, please visit www.serenticaglobal.com

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