Renewable energy solutions provider Serentica Renewables has secured a $345.1 million loan agreement to develop and refinance a 395.4 MW solar-wind hybrid power project in Koppal, Karnataka.

The project comprises 191.4 MW of ground-mounted solar capacity and 204 MW of wind power capacity. It is being developed under a group captive model.

The debt financing was raised from a consortium of lenders led by the Asian Development Bank (ADB), and the deal was executed through Serentica’s special-purpose vehicle, Serentica Renewables India 1.

For the deal, ADB has mobilized around $207.1 million from the Export-Import Bank of India, New Development Bank, and Sumitomo Mitsui Banking Corporation. The global institution has kept its exposure of up to $138 million.

Last December, ADB approved a $650 million policy-based loan to support the Indian government in boosting rooftop solar adoption. The financing comes under ADB’s Subprogram 1 of the Accelerating Affordable and Inclusive Rooftop Solar Systems Development Program and backs the PM Surya Ghar: Muft Bijli Yojana.

The clean power generated from the Koppal plant will be supplied to Bharat Aluminum Company. The project is expected to generate around 1,073 GWh of clean energy annually and avoid over 880,000 tonnes of carbon dioxide emissions every year.

Pratik Agarwal, Chairman at Resonia and Serentica Renewables, said, “Our partnership with ADB endorses Serentica’s vision to deliver round-the-clock renewable energy and plays a key role in helping us accelerate India’s industrial low-carbon transition.”

The fundraise comes months after Serentica signed a power delivery agreement with Cairn Oil & Gas, a Vedanta Group company, in April. As part of the agreement, Serentica would supply 25 MW wind-solar energy to support Cairn’s Mangala onshore oil production facility in Rajasthan’s Barmer. Serentica has started supplying renewable energy from its hybrid project in Gadag, Karnataka.

In March, Mumbai-based yarn manufacturer Sanathan Textiles announced that it will procure power from Serentica Renewables’ 38 MW wind-solar project under a captive arrangement.