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We are delighted to have advised Indian Renewable Energy Development Agency Limited (“IREDA”) on an INR 15.13 billion (approximately USD 175 Million) project financing of a 280.9 MW wind solar hybrid group captive project sponsored by Oyster Renewable Energy Private Limited. The borrower was Oyster Green Hybrid One Private Limited (“Oyster Green”) and the power offtaker, a leading Indian steel manufacturer (the “Project”).

The transaction involved the Project’s development in phases across the Indian states of Gujarat and Madhya Pradesh, with generated power being wheeled to the offtaker through the interstate power transmission system (ISTS).

The deal team played a pivotal role in the drafting, negotiating and finalising all the financing documents and was led by Senior Partner, Pradeep Ratnam and Partner, Reena Jalan and supported by senior associate, Priyadarshinee Singh and associate, Aaroh Bhargava.