Herbert Smith Freehills Kramer advises lenders on c.US$600 million dual currency financing for Evren Energy's Firm and Dispatchable Renewable Energy project in India

Leading global law firm Herbert Smith Freehills Kramer has advised the lenders, comprising Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, MUFG Bank Ltd., Credit Agricole Corporate and Investment Bank, DBS Bank and BNP Paribas, on a c.US$600 million dual currency (US$/JPY) financing for the financing, development and operation of a Firm and Dispatchable Renewable Energy (FDRE) project in the states of Andhra Pradesh and Rajasthan, India. The borrower is a platform launched by Brookfield in India as a joint venture with Axis Energy. The project, with an installed capacity of approximately 1 GW, integrates solar and wind power generation with a battery energy storage system to deliver reliable, on-demand renewable power. 

The financing marks one of the first Indian FDRE projects to be financed in the offshore market. It will contribute to India's target of 500GW of clean energy by 2030. The project benefits from a power purchase agreement (PPA) signed with the National Thermal Power Corporation to supply renewable power for a contracted capacity of 300 MW. 

The Herbert Smith Freehills Kramer team was led by partner and head of the India Finance practice Dhananjaya Chak, supported by senior associate Isabela Castro and associates Thomas Eldred, Swati Gupta, and Kimia Famil Dardeshti.

Partner Dhananjaya Chak commented: “We are delighted to have advised the lenders on this landmark financing for Evren Energy’s FDRE project, which sets a new benchmark for transactions of this kind. Completing such a highly complex deal in record time reflects the team’s exceptional expertise and deep understanding of Indian project financing. We are grateful to our clients for their confidence in us and for the collaborative spirit that helped make this transaction a success.”

Cyril Amarchand Mangladas acted as the lenders' Indian legal adviser and JSA Advocates & Solicitors as the borrower's Indian legal adviser.