JSA Advocates & Solicitors acted as legal counsel to Coöperatieve Rabobank U.A., Hong Kong Branch, and Société Générale, acting through its Singapore Branch, in connection with external commercial borrowing (ECB) amounting to $107.1 million provided to Serentica Renewables India 8 Private Limited.
JSA's transaction team was led by Karan Mitroo (Partner) and included Ankita Parasar (Partner), M. Arun Kumar (Partner), Pragya Verma (Senior Associate), Harshit Manaktala (Senior Associate), and Bhavesh Gupta (Associate).
This External Commercial Borrowing (ECB) is earmarked for the development of a 300 MW solar project located in Rajasthan, India. This strategic initiative aims to supply green energy to Bharat Aluminium Company Limited (BALCO), a subsidiary of the Vedanta Group, directly contributing to the decarbonization of India's industrial sector. This successful financing marks Serentica Renewables' second such ECB for its burgeoning renewable energy portfolio.
Serentica Renewables, an independent power producer (IPP) based in India, specializes in delivering round-the-clock clean energy solutions to hard-to-abate industries. The company's innovative approach combines solar, wind, energy storage, and advanced balancing solutions to provide reliable and economically viable green power. With a substantial $650 million investment from KKR, Serentica is poised to generate over 50 billion units of clean energy annually, which is projected to mitigate 47 million tons of CO2 emissions.
Both Rabobank and Société Générale are significant facilitators of the global energy transition. Rabobank is deeply committed to fostering sustainable energy systems, focusing on expanding renewable energy generation, enhancing energy infrastructure, and decarbonizing industries.
Their goal is to inject an additional EUR 30 billion into sustainable financing for the energy transition by 2030, with EUR 10 billion specifically allocated to renewable power generation. Similarly, Société Générale has been a long-standing leader in renewable energy and positive impact finance, offering comprehensive advisory and financing solutions to support clients in their energy transition journeys and contribute to a sustainable, decarbonized future across diverse sectors.
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