Herbert Smith Freehills Kramer (HSF Kramer), Cyril Amarchand Mangaldas (CAM) and JSA advised on ~US$600 million FDRE project financing for Brookfield backed platform.
Evren, a Brookfield-backed platform, has secured approximately US$600 million in dual currency (US$/JPY) offshore financing for the development of a ~1 GW Firm and Dispatchable Renewable Energy (FDRE) project across Andhra Pradesh and Rajasthan.
The project integrates solar and wind generation with battery energy storage to deliver reliable, on-demand renewable power. It is among the first FDRE projects in India to be financed in the offshore market and supports India’s target of achieving 500 GW of non-fossil fuel capacity by 2030.
The project benefits from a long-term power purchase agreement with NTPC for a contracted capacity of 300 MW. Upon commissioning, it is expected to generate approximately 2,400 GWh annually and offset over 1.5 million tonnes of CO₂ emissions each year.
Herbert Smith Freehills Kramer advised the lenders, comprising Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, MUFG Bank Ltd., Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd. And BNP Paribas, on the financing.
The team was led by Partner Dhananjaya Chak, supported by Senior Associate Isabela Castro and Associates Thomas Eldred, Swati Gupta and Kimia Famil Dardeshti.
Cyril Amarchand Mangaldas acted as Indian legal counsel to the lenders.
JSA Advocates & Solicitors advised Evren, the borrower, on the transaction.
The team was led by Partner Karan Mitroo, with support from Partner Purvi Dabbiru and Associate Harsh Dugar.
The deal reporting on this platform is based on the information received from law firms, and therefore, some details may be missing/incomplete. If your firm has not been credited for this deal, write to us at chanchal.makhija@thegreymatter.co.in mentioning your firm’s name, lawyers involved (including designation) and client represented.
