IndusLaw has counselled Power Finance Corporation on providing USD295.43 million in funding to ReNew Photovoltaics to build solar module manufacturing plants.
Banking partner Pritha Chatterjee led the IndusLaw transaction team, with the assistance of principal associate Neeati Narayan, senior associate Rishabh Bhojwani and associate Abhishek Jha. Partner Arun Kumar led the projects team, with the help of senior associate Ahona Pal, and associates Anurag Mawai and Aayushi Kulshreshtha.
ReNew will use the funds to establish and operate solar module manufacturing plants in Jaipur, Rajasthan, and Dholera, Gujarat, with a combined capacity of 6.4GW. It is also planning a 2.5GW solar cell manufacturing plant in Dholera.
This is Power Finance’s inaugural financial assistance for a solar cell manufacturing plant and the first time ReNew Photovoltaics has obtained project financing for solar manufacturing plants.
