Serentica Renewables has secured a $345.1 million financing from a consortium of lenders including the Asian Development Bank (ADB), the Export-Import Bank of India (India EXIM), New Development Bank (NDB), and Sumitomo Mitsui Banking Corporation (SMBC). The transaction was structured as rupee term loan facilities availed through the company’s special purpose vehicle and will fund large-scale solar and wind infrastructure in Karnataka. JSA Advocates & Solicitors and Hogan Lovells Cadwalader provided legal counsel to the respective parties on this significant project finance deal.
Introduction
The deal was executed through Serentica’s special purpose vehicle, Serentica Renewables India 1 Private Limited (SRI 1). Under the financing arrangement, ADB will provide up to $138 million from its own resources and has mobilised an additional up to $207.1 million from the Export-Import Bank of India, New Development Bank, and Sumitomo Mitsui Banking Corporation. The clean power generated from the project, which is being developed under the group captive model, will be supplied to Bharat Aluminium Company Limited, supporting its journey towards achieving net zero emissions by 2050.
The financing will be used for setting up of a ground-mounted solar photovoltaic capacity plant having 189.27 MW capacity in Karnataka; setting up of 204 MW of wind capacity plant located in Karnataka; and implementation of transmission lines connecting the Solar Project to the Grid Sub Station and transmission lines connecting the Wind Project to the Grid Sub Station and all ancillary works, infrastructure and utilisation.
Deal Value
Serentica Renewables has secured a loan agreement for debt financing of up to $345.1 million to support the development and refinancing of a large-scale solar-wind hybrid renewable energy project in Koppal, Karnataka. The facilities were availed as rupee term loans, thereby mitigating foreign currency exposure for the borrower. Further details on the individual lender tranches beyond what has been publicly disclosed were not disclosed.
Legal Teams Involved
JSA Advocates & Solicitors — Advised Serentica Renewables
JSA Advocates & Solicitors advised Serentica Renewables on this financing transaction. The transaction was led by the following team members:
- Karan Mitroo — Partner
- Purvi Dabbiru — Partner
- Aishwarya Dixit — Principal Associate
Hogan Lovells Cadwalader — Advised ADB, India EXIM, New Development Bank, and SMBC
Hogan Lovells Cadwalader advised Asian Development Bank, India EXIM, New Development Bank, and SMBC on this financing transaction. The transaction was led by the following team members:
- Matt Bubb — APAC Head of Infrastructure, Energy, Resources & Projects
- Kaveeta Sandhu — Partner
- David Rho — Counsel
- Josh Everett — Associate
- Yen Ng — Associate
Significance and Impact
The transaction sets a strong precedent for decarbonising hard-to-abate industries such as metals and mining, aligning with Serentica Renewables’ broader objective of accelerating industrial decarbonisation through dispatchable renewable energy solutions for large commercial and industrial customers.
The project is expected to generate approximately 1,073 GWh of renewable energy annually and help avoid more than 880,000 tonnes of carbon dioxide emissions each year. The involvement of a multilateral consortium — spanning ADB, India EXIM, NDB, and SMBC — underscores the growing appetite of global development finance institutions for India’s renewable energy sector. The structure of the deal, combining multilateral and commercial bank lending within a rupee-denominated facility, is also notable as a template for future large-scale hybrid project financings in India.
The deal reflects India’s ongoing energy transition and showcases the collaboration among multilateral and commercial lenders in sustainable power generation. For the legal market, the mandate demonstrates the continued relevance of cross-border advisory teams spanning Indian and international counsel in complex project finance transactions. Track more deals of this nature on the Deal Meter.
The Serentica Renewables $345 million financing is one of the more consequential renewable project finance transactions closed in India in 2026, bringing together a multi-institutional lender group and two law firms spanning domestic and international expertise. The project will supply clean electricity to Bharat Aluminium Company Limited (BALCO) and is aligned with the purchaser’s objective of achieving net-zero emissions by 2050. As India’s renewable energy pipeline continues to scale, deals of this structure — blending multilateral capital with commercial bank financing under a group captive model — are likely to become increasingly prevalent.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
