Debt Funding From Rabobank, Société Générale Fuels Rajasthan Solar Project

 In a resounding vote of confidence for India’s clean energy future, Serentica Renewables has secured $100 million in debt funding from global banking giants Rabobank and Société Générale. The funds will support the development of a 300 MW solar power project in Rajasthan, reinforcing Serentica’s position as a leading Commercial and Industrial (C&I) clean energy provider in India.

The latest External Commercial Borrowing (ECB) round marks Serentica’s second successful close, furthering its mission to supply reliable, renewable power to energy-intensive industries. The project will directly serve Bharat Aluminium Company Limited (BALCO), a flagship subsidiary of the Vedanta Group, contributing to India’s broader industrial decarbonisation efforts.

Powering a Sustainable Industrial Revolution

“This is a crucial step in our mission to provide reliable, clean energy solutions that empower industrial giants like BALCO to decarbonise,” said Akshay Hiranandani, CEO of Serentica Renewables. “Our partnerships reflect the global investor confidence in India’s clean energy journey and the growing appetite for sustainable growth in the industrial sector.”

The 300 MW solar installation in Rajasthan is designed to supply round-the-clock green electricity, replacing a significant chunk of fossil fuel-based energy in BALCO’s operations. This not only reduces operational emissions but also supports India’s ambitions to cut industrial sector emissions, a critical factor in the country’s climate targets.

Global Capital Backs India’s Clean Energy Drive

The funding by Rabobank and Société Générale is a testament to India’s growing prominence in the green investment landscape. It also signals increasing financial sector alignment with sustainability goals, especially for hard-to-abate sectors such as aluminum, cement, and heavy manufacturing.

“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 at Rabobank. The commitment by two of Europe’s leading sustainability-driven financial institutions reinforces confidence in India’s renewable ecosystem.

A Bold Vision for Green Energy Impact

Serentica, backed by a $650 million investment from KKR, has already achieved a significant milestone by reaching 1,000 MW of renewable energy capacity. Its projects span multiple Indian states and integrate solar, wind, energy storage, and advanced grid-balancing technologies.

Looking ahead, Serentica has ambitious plans to invest ₹1 trillion (~$12 billion) and expand its renewable energy capacity to 17 GW by 2030. The company aims to supply over 50 billion units of clean energy annually, which would enable the displacement of 47 million tonnes of CO₂ emissions — a contribution comparable to taking over 10 million cars off the road.

Empowering India’s Commercial and Industrial Sector

Serentica is part of a growing wave of C&I-focused renewable energy firms revolutionising how Indian industries access power. Unlike traditional power procurement models, Serentica builds customised, captive renewable solutions that provide businesses with affordable, stable, and green energy.

This approach allows large-scale manufacturers like BALCO to:

• Reduce their carbon footprint
  
• Mitigate electricity cost volatility
  
• Meet ESG and sustainability reporting standards
  
• Transition towards energy self-sufficiency
  

The significance of decarbonising heavy industry cannot be overstated — the sector accounts for over 30% of India’s total emissions. By offering scalable green energy alternatives, Serentica is making net-zero goals more attainable for India’s industrial backbone.

Innovation-Driven, Impact-Focused

Serentica’s business model is built on a data-first approach, integrating real-time energy analytics, AI-driven optimisation, and smart storage systems. This ensures maximum efficiency, minimum curtailment, and better alignment with energy demand curves — especially critical for high-load industrial customers.

The Rajasthan project is expected to deploy cutting-edge photovoltaic (PV) technology, along with energy storage infrastructure to ensure grid stability and dispatchable renewable power — a game-changer for industries with 24/7 energy needs.

Clean Energy Finance on the Rise

India’s clean energy sector has become an increasingly attractive destination for global institutional investors, with over $20 billion in green investments recorded in 2024 alone. The Serentica deal is part of a growing trend in ECB-funded renewable projects, indicating deepening global financial integration.

With government schemes like Green Open Access Rules, PLI for solar and battery manufacturing, and the National Green Hydrogen Mission, India is positioning itself as a global hub for clean energy innovation and capital deployment.

Serving the Energy Transition of Industrial Giants

BALCO, one of India’s largest aluminum producers, stands to benefit immensely from Serentica’s solar energy supply. The aluminum industry is among the most energy-intensive sectors, and switching to renewables can dramatically reduce Scope 2 emissions.

This partnership sets an important precedent for public-private collaboration in building climate-resilient infrastructure and embedding sustainability into industrial operations.

What’s Next for Serentica?

Beyond Rajasthan, Serentica’s roadmap includes:

• Scaling wind-solar hybrid parks in Karnataka and Maharashtra
  
• Establishing grid-connected and off-grid clean energy clusters
  
• Integrating hydrogen-ready infrastructure into future plants
  
• Collaborating with energy storage tech firms for improved dispatchability
  

These efforts are aligned with India’s ambitious target of achieving 500 GW of non-fossil capacity by 2030, a cornerstone of its Paris Agreement and COP28 commitments.

A Brighter, Greener Industrial Future

With its latest financial milestone, Serentica Renewables is not just adding megawatts — it’s amplifying India’s clean energy momentum. Through innovation, global partnerships, and a commitment to industrial decarbonisation, Serentica is emerging as a vital player in shaping a low-carbon economy.

As India’s industrial giants seek sustainable solutions, Serentica’s green power portfolio offers a reliable path toward net-zero growth, energy security, and a cleaner planet.

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