Serentica Renewables has secured a loan agreement for debt financing of up to US$345.1 million (mn) to develop and refinance a large-scale solar-wind hybrid project in Koppal, Karnataka.

The financing was arranged by a consortium led by the Asian Development Bank (ADB) and will be executed through Serentica Renewables India 1 Private Limited (SRI 1).

ADB will provide up to US$138 mn from its own resources and has mobilised up to US$207.1 mn from the Export-Import Bank of India, the New Development Bank and Sumitomo Mitsui Banking Corporation.

The hybrid project comprises 191.4 MW of ground-mounted solar photovoltaic capacity and 204 MW of wind power capacity, configured to deliver continuous clean energy.

Output will be supplied to Bharat Aluminium Company Limited (BALCO) under the group captive arrangement, supporting its objective of achieving net-zero emissions by 2050.

Solar and wind facilities will be located at dedicated sites across Karnataka and connected through integrated transmission infrastructure to enable efficient power evacuation.

The project is expected to generate approximately 1,073 GWh of renewable energy annually and help avoid more than 880,000 tonnes (t) of carbon dioxide emissions each year, supporting national goals to expand non-fossil fuel capacity and reduce carbon intensity.

Serentica Renewables indicated the development is expected to create local employment opportunities and promote gender inclusion through leadership development initiatives and workplace policy reforms.

The financing milestone underscores the company’s strategy to expand its portfolio of renewable energy, storage and round-the-clock power solutions.