Herbert Smith Freehills advises on US$165m green loan project financing for a 450 MWp solar project in India

Herbert Smith Freehills has advised EDEN Renewables India, a 50/50 Joint Venture of EDF Renouvelables S.A and Total Eren S.A on a green limited recourse project term loan to finance a  450 MWp (300 MWac) solar project in Rajasthan, India.

The external commercial borrowing of US$165 million was provided by three banks: Standard Chartered Bank, The Development Bank of Singapore and Sumitomo Mitsui Banking Corporation.

Herbert Smith Freehills London-based project finance team advised on the transaction and were led by partner and head of energy, natural resources and infrastructure finance, Martin Kavanagh.  He was supported by senior associate Dhananjaya Chak, associates Josh Attard and Mika Morissette and trainee solicitors Dammy Sokale and Thomas Eldred. Advice on hedging aspects was provided by partner Nick May and associate Vladi Resnik.

Commenting on the transaction, Martin Kavanagh said: “We are delighted to have advised EDEN Renewables India and its sponsors on this transaction, which represents such an exciting project. It ensures we can continue to extend our recent run of success advising on new renewable energy projects.”

Herbert Smith Freehills’ advice in this deal is another example of the team's expertise relating to project financings in India.

L&L Partners advised the sponsors in relation to the Indian law aspects of this transaction.