Norton Rose advises on green refinancing

Norton Rose Fulbright has successfully advised a consortium of lenders on a significant green refinancing effort for a groundbreaking renewable energy project. This initiative, valued at US$730 million, pertains to the “Round the Clock” hybrid project developed jointly by ReNew and Mitsui, which boasts a capacity of 320MW. Strategically located across the Indian states of Rajasthan, Maharashtra, and Karnataka, the project integrates wind, solar, and battery storage technologies, thereby ensuring a consistent supply of dispatchable renewable power.

The refinancing involved a substantial syndicate of 12 banks, with leading institutions such as Standard Chartered Bank, Société Générale (GIFT City), Sumitomo Mitsui Banking Corporation (Singapore), and Bank of America at the forefront of this green loan initiative. The funds raised will primarily be directed towards refinancing the existing senior debt associated with the project, in addition to addressing other related project costs and capital expenditure needs.

The Norton Rose Fulbright team instrumental in this refinancing was comprised of notable legal professionals, including Partner Ben Carrozzi, counsel Selene Tan, special counsel Sunny Jong, associate Alden Tan, and trainee solicitor Uma Suri. Carrozzi highlighted the importance of India's role in the energy transition, stating, “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 is well-recognised for providing a comprehensive range of legal services within the renewable energy sector. The firm has gained a reputation for its involvement in pioneering projects that are the first of their kind, both in jurisdiction and technology, particularly in the Asia Pacific region.