Serentica Renewables Secures $345 Million Loan for Karnataka Solar-Wind Hybrid Project

Serentica Renewables has closed a $345.1 million debt financing deal for a large solar-wind hybrid project in Koppal, Karnataka. The Asian Development Bank led the consortium, which also includes the Export-Import Bank of India, the New Development Bank, and Sumitomo Mitsui Banking Corporation. The project combines 191.4 MW of solar capacity with 204 MW of wind power. The electricity will be supplied to Bharat Aluminium Company (BALCO) under a group captive arrangement to help the company reach its net-zero by 2050 target. The hybrid setup is designed to deliver more consistent clean power than solar or wind alone. Annual generation is estimated at 1,073 GWh, avoiding over 880,000 tonnes of CO2 each year. This deal shows how blended finance from multilateral and national development banks is backing large-scale hybrid renewables in India. The project also plans to create local jobs and include gender-focused workplace policies. It fits into India's broader push to expand non-fossil fuel capacity and lower carbon intensity.