Norton Rose Fulbright advises lenders on US$730 million green refinancing for ReNew's and Mitsui's hybrid renewable project in India

Norton Rose Fulbright has advised a consortium of lenders on the refinancing of a first-of-a-kind, 320MW "Round the Clock" hybrid renewable energy project developed by ReNew and Mitsui in India.

The project, located across the states of Rajasthan, Maharashtra and Karnataka, combines wind, solar and battery storage to deliver firm, dispatchable renewable power.

A broad syndicate of 12 banks participated in the US dollar/Japanese yen equivalent of a US$730 million green loan financing, led by Standard Chartered Bank, Société Générale (GIFT City), Sumitomo Mitsui Banking Corporation (Singapore) and Bank of America. The financing will be used to refinance the project's existing senior debt as well as to meet other project costs and capital expenditure requirements.

The Norton Rose Fulbright team in Singapore was led by Partner Ben Carrozzi and included counsel Selene Tan, special counsel Sunny Jong, associate Alden Tan and trainee solicitor Uma Suri.

Ben Carrozzi commented:

"India continues to lead the region's energy transition. Against an increasingly favourable regulatory backdrop for financial markets, this transaction underscores the growing role of international capital in scaling integrated, round-the-clock renewable power solutions. As financing structures evolve and offshore liquidity deepens, hybrid projects will be key to delivering firm power, alleviating grid constraints and supporting emerging demand from corporate offtake, green fuels and digital infrastructure."

Norton Rose Fulbright's lawyers provide the full spectrum of legal services in the renewable energy sector. The firm is widely recognized for its involvement in pioneering first-in-jurisdiction and first-in-technology renewable energy projects around the world, particularly across the Asia Pacific region.