Power Grid Corporation of India (PGCIL) has secured USD493 million in financing from Japan Bank for International Co-operation (JBIC) and a group of lenders to develop a high-voltage direct current (HVDC) transmission project in India. Ashurst Perkins Coie and Indian Law Partners (ILP) advised on the transaction.
Ashurst Perkins Coie’s Tokyo office acted as international counsel to JBIC, while ILP advised on India law. Partners Gopika Pant and Vineet Gupta led the team, with support from senior associates Vinayek Mehra and Ayush Tiwari, and associates Sakshi Raj and Kaushiki Keshari.
Ashurst Perkins Coie partner Teruma Naito led its transaction team.
The financing will support one of the world’s largest HVDC projects, enabling the transmission of renewable energy from the Khavda Renewable Energy Park in Gujarat state to Nagpur in Maharashtra state. The project is a key component of India’s energy transition and will contribute to the country’s target of achieving 500GW of renewable energy capacity by 2030.
PGCIL is a central public sector undertaking based in Gurugram and is India’s largest electric power transmission company. JBIC is a Japanese public financial institution that is involved in lending, investment and guarantee operations.
