Sterlite Power-backed Serentica Renewables Secures ECB Financing Worth ₹3500 Cr for 530 MW Round-the-Clock Renewable Project in India

Raises a total of INR ~3500 crores ($425 million) from a consortium of international and domestic banks.

Serentica Renewables (“Serentica” or the “Company”), a leading C&I focused renewable energy developer in India, announced the signing of its first international and commercial bank foreign currency loan worth INR 3500 crores (US$425 million) for its Round-The-Clock renewable energy project in India. The transaction brings together a consortium of three international banks (Rabobank, MUFG Bank, Société Générale) and three Indian lenders (YES Bank, Export-Import Bank of India, India Infrastructure Finance Company) in a historic first for the Indian corporate offtake market. Rabobank acted as the sole structuring bank for this loan facility.

This landmark deal will help Serentica in funding the development of its 530 MW hybrid (wind and solar) renewable energy project coming up in Rajasthan and Maharashtra. This project will provide clean energy to one of India's largest zinc producers, Hindustan Zinc, replacing 24% of their coal-based power supply with firm dispatchable green power while significantly reducing their carbon footprint.

Commenting on the milestone, Mr. Pratik Agarwal, Chairman, Serentica Renewables said, “We thank our banking partners, who have trusted us with the first ever dollar loan for a C&I project in India. We will work harder to build on this trust.”

Mr. Amardeep Parmar, Head – Project Finance Asia, Rabobank said “Rabobank is pleased to lead and structure this landmark renewable transaction in the C&I segment. We look forward to partner with Serentica in their future energy transition endeavors.”

Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers. The overall portfolio will supply more than 9 BUs of clean energy annually, offsetting 8.5 million tonnes of CO2. Serentica’s vision is to supply over 40 billion units of clean energy annually in the medium term and displace 37 million tonnes of CO2 emissions.

The capital infusion comes close on the heels of the total debt raise of INR 5600 crores that the company secured from power sector majors – PFC & REC, recently.

About Serentica Renewables

Established in 2022, Serentica Renewables (India) is a decarbonization platform that looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonization, by making renewables the primary source of energy for the commercial and industrial segment which consumes more than 50% of the electricity generated in India. Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions. Serentica’s medium term goal is to supply over 40 billion units of clean energy annually and displace 37 million tonnes of CO2 emissions. The company has already secured investments worth $650 million from leading global investor KKR.

For more details on Serentica, please visit www.serenticaglobal.com

Sterlite Power Appoints Ruhie Pande as Chief Human Resources Officer

Sterlite Power, a leading power transmission developer and solutions provider in India and Brazil, announced the appointment of Ruhie Pande as the Group Chief Human Resources Officer (CHRO), effective October 10, 2023. In this role, Ruhie will work closely with Pratik Agarwal, Managing Director, Sterlite Power. She will be responsible for leading HR including strategy, talent, and culture priorities for the Group.

Commenting on the appointment, Pratik Agarwal, Managing Director, Sterlite Power, said, “We are excited to welcome Ruhie Pande as the Group CHRO. Ruhie’s commitment to excellence, her domain expertise, and people-first approach aligns well with our core values.”

Ruhie brings more than two decades of experience in HR leadership to the role. She joins Sterlite Power from Godrej Capital, where she served as the Chief Human Resources Officer. Over the years, Ruhie has worked with some of the notable companies in India across sectors like financial services, real estate, fashion retail, information technology and FMCG. As an accomplished leader and domain expert, she has won several awards and received industry recognition throughout her career for her contribution to HR, including 100 most influential HR leaders in India by CHRO Asia.

Ruhie Pande, Chief Human Resources Officer, Sterlite Power, said, “I am excited to be part of this purpose-driven organisation that is focused on making the world a better place by bringing green electricity to all. I am committed to ensuring that our people are equipped with the best resources and opportunities to contribute to the company’s mission and nurturing a culture that will drive both people and organisational growth.”

Ruhie is a Professional Certified Coach and holds an MSc in Industrial and Organizational Psychology from Birkbeck College, London.

About Sterlite Power:

Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 32 completed, sold and under construction projects covering approximately 15,350 circuit Kms of transmission lines across India and Brazil. Sterlite Power also has a robust portfolio of high-performance power conductors, extra-high voltage (EHV) cables and optical ground wires (OPGW). The Company provides bespoke solutions for the upgrade, uprate, and fiberization of existing transmission infrastructure projects. Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It is the first transmission player to launch InvIT in the power sector, listed on the BSE Limited and the National Stock Exchange of India Limited. The Company has been recognized as the ‘Power Transmission Company of the Year’ at The Economic Times Energy Leadership Summit 2023 and is a recipient of international awards from S&P Platts as well as International Project Management Association (IPMA). For more details, please visit https://www.sterlitepower.com

Sterlite Power Acquires Beawar Transmission Ltd Project from REC

The project was awarded to Sterlite Power through the Tariff Based Competitive Bidding (TBCB) process in August 2023.

Sterlite Power, a leading power transmission developer and solutions provider in India and Brazil, announced the acquisition of Beawar Transmission Limited, a Special Purpose Vehicle (SPV) from REC Power Development and Consultancy Limited – a wholly owned subsidiary of Rural Electricity Corporation. The project was awarded to Sterlite Power through the Tariff Based Competitive Bidding (TBCB) process in August 2023.

Through the Beawar Transmission Limited SPV, the company will build the Green Energy Corridor project on BOOT (build, own, operate, transfer) basis, for a period of 35 years. This is Sterlite Power’s nineteenth power transmission project in India under the TBCB process. With this project, Sterlite Power has ~INR 12,000 cr of projects under management.

Speaking on the development, Pratik Agarwal, Managing Director, Sterlite Power said, “Sterlite Power is proud to be building the green energy corridor that will enable the flow of 20 GW of renewable energy. We are committed to delivering this critical infrastructure project on time and to the highest standards of quality and safety.”

1. Beawar Transmission Limited will entail construction of three integral components – a 350 km 765kV transmission corridor connecting the renewable energy zone of Fatehgarh III to the substation at Beawar,
2. Construction of a 3000 MVA 765/400kV Substation at Beawar, and 3) construction of two LILO lines, covering approximately 120 km. Sterlite Power will be the first private transmission infrastructure developer in the country to implement a STATCOM.

Earlier this year in March 2023, Sterlite Power won Part G Phase III of the project, titled Fatehgarh III Beawar Transmission Limited. With the completion of both Part F and G, the transmission line will be amongst the largest Green Energy Corridors to be built in the country.

About Sterlite Power:

Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 32 completed, sold and under construction projects covering approximately 15,350 circuit Kms of transmission lines across India and Brazil. Sterlite Power also has a robust portfolio of high-performance power conductors, extra-high voltage (EHV) cables and optical ground wires (OPGW). The Company provides bespoke solutions for the upgrade, uprate, and fiberization of existing transmission infrastructure projects. Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It is the first transmission player to launch InvIT in the power sector, listed on the BSE Limited and the National Stock Exchange of India Limited. The Company has been recognized as the ‘Power Transmission Company of the Year’ at The Economic Times Energy Leadership Summit 2023 and is a recipient of international awards from S&P Platts as well as International Project Management Association (IPMA).

For more details, please visit https://www.sterlitepower.com/

Indian Firm Sterlite Power Acquires Minority Stake in US Based Drone Company Sharper Shape

Palo Alto-based Sharper Shape, the global market leader of automated drone-based asset inspections, and Sterlite Power, India’s leading power transmission company, today announced a strategic partnership to provide drone inspection services for utility assets in India.

As part of the cooperation, Sterlite Power will make a minority investment into Sharper Shape to foster Indian market growth and continued technology development. This further cements the relationship between the two companies after the two signed a partnership agreement in February in the presence of the Prime Minister of Finland Juha Sipilä in Mumbai during the Make in India week to deliver cutting-edge drone technologies for the power transmission industry.

Sterlite Power and Sharper Shape are currently awaiting approvals from India’s Directorate General of Civil Aviation (DGCA) for large-scale, long-distance drone flights to inspect utility assets. Long-distance drone flights could provide significant benefits by enabling a safe, efficient and fast method of inspection.

“We are delighted to partner with Sharper Shape in bringing automated asset management to the Indian power transmission industry. Drones are tranforming the way in which infrastructure is built and maintained. Sterlite Power is committed to solving the toughest challenges of energy delivery. We are proud to contribute towards India’s vision for a 24X7 power-for-all,” said Pratik Agarwal, Chief Executive Officer, Sterlite Power.

In addition to improving the reliability, resilience and safety of the Sterlite Power transmission lines, the partnership aims to provide services for other utilities in India. India has a power transmission network of more than a million circuit kilometers which is undergoing double-digit growth annually. The use of drones will increase the uptime of the grid, reduce transmission tariffs, avoid grid blackouts, and also save the environment by reducing deforestation along the line corridors.

Sharper Shape has already spearheaded the adoption of long-distance commercial drone flights for utilities in Europe. In the U.S., Sharper Shape is part of the EEI Sharper Utility partnership, an industry collaboration aimed at demonstrating and developing commercial long-distance drone flights for electric companies.

“We applaud Sterlite Power for pioneering drone-based asset inspections in India,” said Tero Heinonen, CEO of Sharper Shape. “And, we look forward to working with Sterlite Power to establish a framework for drone inspections in India that will provide safe, reliable energy for consumers.”

The partnership will bring yet another aerial technology to the Indian market. Sterlite Power has already introduced Light Detection and Ranging (LiDAR) for surveys and helicopters to avoid disturbances to farm activities and neighbours and speed up the process to commission much-needed infrastructure in India. Soon, it will deploy heli-cranes to erect transmission towers in the challenging terrains of Jammu and Kashmir.