Luthra and Luthra Law Offices India recently acted as Lenders' Legal Counsel for Indian Renewable Energy Development Agency Limited (IREDA) in connection with financial assistance aggregating up to INR 750 Crores and INR 400 Crores made available to Renew Jal Urja Private Limited, and Pioneer Power Corporation Limited and Pioneer Genco Limited, respectively.
The amount will be utilized for the purpose of financing the hydropower projects in the state of Karnataka and Uttarakhand.
The Renew Jal Urja Project will be a 99 MW (3 nos. x 33 MW) run of river operational hydro project located near Singoli village, Rudraprayag District in the state of Uttarakhand, whereas, the Pioneer project will be a 98 MW (4 nos. x 24.5 MW) hydropower project in the state of Karnataka.
The Firm was involved in drafting, reviewing, negotiating, and advising on legal issues/queries relating to the finalisation and execution of the financing and security documents.
The transaction team for the Pioneer project was led by Mr. Girish Rawat (Partner) and ably assisted by Ms. Ashneet Chhabra, Ms. Himanshi Bhadoria and Mr. Pranav Dwivedi (Associates).
The transaction team for Renew Jal Urja project was led by Ms. Purvi Dabbiru (Partner) and ably assisted Mr. Samarth Sharma and Mr. Shantanu Awasthi (Associates).