en.Wedoany.com Reported - Serentica Renewables, through its special purpose vehicle Serentica Renewables India 1 Private Limited (SRI 1), has secured a loan agreement totaling up to $345.1 million for the development and refinancing of a large-scale wind-solar hybrid project located in Koppal, Karnataka, India. The financing is provided by a syndicate led by the Asian Development Bank (ADB), which raised $207.1 million from the Export-Import Bank of India, the New Development Bank, and Sumitomo Mitsui Banking Corporation, while maintaining its own exposure at $138 million.
The project has a planned installed capacity of 191.4 MW of ground-mounted solar photovoltaic and 204 MW of wind power, delivering round-the-clock renewable energy through a group captive model. The clean electricity generated will be supplied to Bharat Aluminium Company Limited (BALCO), supporting its goal of achieving net-zero emissions by 2050.
It is estimated that the project will generate approximately 1,073 GWh of renewable energy annually and avoid over 880,000 tonnes of CO2 emissions. This contributes to India's climate targets of reaching 500 GW of non-fossil fuel installed capacity and reducing carbon intensity by 45% by 2030.
In addition to clean energy generation, the project plans to create local employment opportunities and promote gender inclusion through leadership development programs and workplace policy reforms. Located on a dedicated site in Karnataka, the project aims to maximize renewable energy output and ensure efficient evacuation through integrated transmission infrastructure.
Commenting on the collaboration, Pratik Agarwal, Managing Director of Sterlite Electric and Chairman of Resonia and Serentica Renewables, stated that the partnership with ADB validates Serentica's vision of providing round-the-clock renewable energy and plays a key role in accelerating the low-carbon transition of Indian industries. This financing represents the latest progress in Serentica's efforts to deliver clean power solutions to hard-to-abate industrial customers by integrating solar, wind, and energy management capabilities. With rapid expansion in renewable energy, energy storage, and round-the-clock solutions, Serentica continues to solidify its position as a key enabler of industrial decarbonization and energy transition in India.
