Singapore, 15 July 2026 – Global law firm Hogan Lovells Cadwalader has advised mandated lead arranger Asian Development Bank (“ADB”) and other senior lenders, the Export-Import Bank of India (“India EXIM”), New Development Bank (“NDB”), and Sumitomo Mitsui Banking Corporation (“SMBC”) on a secured term loan facility of up to the equivalent of US$ 345.1 million for Serentica Renewables, a leading renewable energy independent power producer in India backed by KKR and Sterlite Power, part of the Vedanta Group.
This financing will be used to develop and refinance a large-scale solar-wind hybrid project in India. The project will comprise a 191.4 MW ground-mounted solar photovoltaic project and a 204 MW wind project, both located in Karnataka.
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 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 Hogan Lovells Cadwalader team was led by APAC Head of Infrastructure, Energy, Resources & Projects Matt Bubb, with support from banking partner Kaveeta Sandhu, counsel David Rho, and associates Josh Everett and Yen Ng.
Matt Bubb commented: “We are delighted to have advised the lender group on this significant financing. The transaction brought together a diverse group of multilateral and commercial lenders and required careful coordination across multiple jurisdictions and stakeholders. The financing will support the development of critical renewable energy infrastructure for hard-to-abate industries and reflects the continued momentum behind India’s energy transition. We are pleased to have supported the mandated lead arranger, ADB, together with India EXIM, New Development Bank and SMBC on a transaction that contributes to the growth of sustainable power generation in the region.”
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