KKR-backed Serentica Renewables has secured over $1.19 billion across three financing transactions, as reported by The Economic Times. The funding package includes a $345 million multi-lender loan from the Asian Development Bank (ADB), Sumitomo Mitsui Banking Corp. (SMBC), New Development Bank (NDB) and India Exim Bank, a $450 million refinancing arranged by Societe Generale and Clifford Capital for a renewable energy project, and a $397 million green term loan underwritten by MUFG, which is currently being syndicated to other lenders. MUFG has solely underwritten the $397 million green term loan for Serentica Renewables India 14 Pvt Ltd, which is now being syndicated to other banks.
The loan agreement from the consortium of lenders led by the Asian Development Bank is for a debt quantum of up to $345.1 million to develop and refinance a large-scale solar-wind hybrid project in Koppal, Karnataka, according to The Economic Times. Separately, the company is in talks with Standard Chartered Bank to raise $250 million for another SPV. Backed by 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.
As reported by The Economic Times, the company has reached 8,700 MW of renewable energy contracted capacity and over 3,200 MW of operational capacity. The funding will accelerate capacity expansion, refinance acquisition debt, and support delayed renewable energy projects, positioning the company for continued growth in India's renewable energy sector.
