Ashurst Perkins Coie has advised Japan Bank for International Co-operation (JBIC) and a group of co-financing lenders on an JPY80 billion (USD493 million) loan to Power Grid Corporation of India Limited (PGCIL) for an energy transmission project in India.
The financing syndicate includes JBIC, Sumitomo Mitsui Banking Corporation and other lenders, Nikkei reported.
Ashurst Perkins Coie said the funds would support one of the world’s largest high-voltage direct current (HVDC) projects, transmitting electricity generated at the Khavda Renewable Energy Park in Gujarat to Nagpur in the state of Maharashtra.
Tokyo-based partner Teruma Naito led the team and received support from counsel David McCormick and Amos Yoo, associate Edward Low and graduate Rhiannon Kumar.
Ashurst Perkins Coie said the HVDC project formed a key part of the Indian government’s target to scale installed renewable energy capacity to 500GW by 2030.
The firm said the lenders’ backing was expected to accelerate the adoption and broader deployment of HVDC technology in India, strengthen the jurisdiction’s power transmission infrastructure and create commercial prospects for Japanese enterprises involved in supplying HVDC equipment.
Headquartered in Gurugram, PGCIL is a central public sector undertaking and is India’s largest electric power transmission company. JBIC, a Japanese public financial institution, is involved in lending, investment and guarantee operations.
