Serentica Renewables (independent power producer) has secured a loan agreement worth up to USD 345.1 million to develop and refinance a large-scale solar-wind hybrid project in Koppal, Karnataka, with the Asian Development Bank leading a consortium of international and regional lenders.

The deal marks one of the larger hybrid renewable energy financings for industrial decarbonisation in India and signals continued institutional appetite for clean energy infrastructure in the country.

Structure of the Financing Deal

The transaction was executed through Serentica's special purpose vehicle, Serentica Renewables India 1 Private Limited, known as SRI 1. The Asian Development Bank retained direct exposure of up to USD 138 million and mobilized an additional USD 207.1 million from three co-lenders: Export-Import Bank of India, New Development Bank, and Sumitomo Mitsui Banking Corporation.

The blend of multilateral, development, and commercial banking institutions in a single facility reflects the deal's scale and the complexity involved in financing hybrid renewable infrastructure at this level.

The financing covers both the development of new capacity and the refinancing of existing components of the project, indicating that portions of the Koppal site were already at some stage of development prior to this agreement being formalized.

Project Specifications and Energy Output

The project in Koppal combines two distinct generation technologies operating across dedicated solar and wind sites in Karnataka. The solar component comprises 191.4 MW of ground-mounted photovoltaic capacity, while the wind component adds 204 MW of installed capacity.

Together, the hybrid configuration is designed to deliver renewable energy on a round-the-clock basis under the group captive model, a structure that allows industrial consumers to hold a stake in generation assets and draw power directly from them.

The project is expected to generate approximately 1,073 gigawatt-hours of renewable energy annually. Serentica has stated that this output will avoid over 880,000 tonnes of carbon dioxide emissions each year, a figure the company has tied directly to India's broader national climate targets of reaching 500 gigawatts of non-fossil fuel energy capacity and reducing carbon intensity by 45 percent by 2030.

Industrial Customer and Decarbonisation Goals

The clean power generated from the Koppal project will be supplied to Bharat Aluminium Company Limited, commonly known as BALCO. Aluminium production is an energy-intensive process and is frequently cited among the harder industrial sectors to decarbonise given its reliance on continuous, high-volume electricity supply.

By sourcing power through the group captive arrangement, BALCO is able to access dedicated renewable generation capacity rather than drawing solely from the grid.

Serentica stated that the arrangement supports BALCO's goal of achieving net zero emissions by 2050. The round-the-clock delivery model, combining solar and wind to smooth out the intermittency associated with either technology in isolation, is central to making renewable power viable for industrial consumers that cannot tolerate supply interruptions.

Leadership Commentary

Pratik Agarwal, Managing Director of Sterlite Electric and Chairman of both Resonia and Serentica Renewables, commented on the significance of the ADB partnership.

"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," Agarwal said in a statement released alongside the announcement.

The involvement of ADB as lead arranger and mobiliser was characterised by Serentica as reaffirming strong global institutional confidence in the company's approach to industrial decarbonisation in India.

Employment and Social Commitments

Beyond energy generation, Serentica indicated that the project is expected to create local employment opportunities in Karnataka. The company also noted that the project includes commitments around gender inclusion, citing leadership development initiatives and workplace policy reforms as part of the project's broader social framework. Serentica did not provide specific figures for the number of jobs expected to be created.

The project has been designed with integrated transmission infrastructure intended to ensure efficient power evacuation from both the solar and wind generation sites.

Serentica's Broader Portfolio and Investor Backing

Serentica Renewables was established in 2022 and positions itself as a renewable independent power producer focused on providing firm dispatchable renewable energy solutions to hard-to-abate industries.

The company has reported reaching 2,900 megawatts of renewable energy capacity across ongoing projects in multiple Indian states, drawing on a mix of solar, wind, energy storage, and balancing technologies.

The company is backed by a USD 650 million investment from KKR and has stated an ambition to supply over 50 billion units of clean energy annually, which it projects would enable the displacement of 47 million tonnes of carbon dioxide emissions.

The Karnataka project financing represents the latest in a series of transactions as Serentica works to expand its portfolio of round-the-clock renewable supply agreements with large industrial energy consumers across India.

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