Serentica secures USD 345.1 million for Karnataka hybrid project
Serentica Renewables has secured debt financing of up to USD 345.1 million from a consortium of lenders led by the Asian Development Bank (ADB) to develop and refinance a solar-wind hybrid project in Koppal, Karnataka.
The financing has been raised through the company’s special purpose vehicle, Serentica Renewables India 1 Private Limited (SRI 1).
Financing structure
Under the transaction, ADB will provide financing of up to USD 138 million and has mobilised up to USD 207.1 million from Export-Import Bank of India, New Development Bank and Sumitomo Mitsui Banking Corporation.
The total financing package amounts to up to USD 345.1 million.
Project details
The project comprises 191.4 MW of ground-mounted solar photovoltaic (PV) capacity and 204 MW of wind power capacity. It will supply round-the-clock renewable energy to Bharat Aluminium Company Limited (BALCO) under the group captive model.
According to the company, the project is expected to generate about 1,073 GWh of renewable energy annually and avoid more than 880,000 tonnes of carbon dioxide emissions each year.
The solar and wind facilities will be located at dedicated sites in Karnataka and will be connected through integrated transmission infrastructure to facilitate power evacuation.
The featured photograph is for representation only.