International law firm Trowers & Hamlins has advised a consortium of lenders comprising Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, MUFG Bank Ltd., Credit Agricole Corporate and Investment Bank, DBS Bank and BNP Paribas in connection with a USD 600 million dual-currency financing (USD/JPY) for the development and operation of a 1 GW hybrid firm and dispatchable renewable energy (FDRE) project across Andhra Pradesh and Rajasthan, India.
The project, developed by Evren, a leading Indian renewable energy platform backed by Brookfield, is one of India’s first large-scale FDRE projects to be financed in the offshore market. It combines solar, wind and battery storage technologies to deliver dispatchable renewable energy, with commissioning targeted in 2027. Upon completion, it is expected to generate approximately 2,400 GWh of electricity annually, supporting India’s clean energy transition and contributing to the country’s target of 500 GW of renewable capacity by 2030.
The project also benefits from a power purchase agreement with the National Thermal Power Corporation, securing renewable power supply for a contracted capacity of 300 MW, underscoring its strong commercial and operational foundation.
Trowers & Hamlins advised the lenders as international legal counsel on matters of Dubai International Financial Centre laws, alongside Herbert Smith Freehills Kramer as English counsel and Cyril Amarchand Mangaldas as India counsel. This transaction highlights Trowers & Hamlins’ expertise in complex cross-border renewable energy financings and reinforces its commitment to supporting sustainable infrastructure development in emerging markets.
The Trowers & Hamlins team was led by Debopam Dutta, Partner and Head – India Desk, with support from Jian-Jie Phang, Associate, and Skylar Yeo, Associate.
Debopam Dutta, Partner and Head – India Desk at Trowers & Hamlins, said:
"We are delighted to have supported the lenders in this landmark FDRE project by Evren Energy. The transaction demonstrates the strength of our India practice and project finance expertise, as well as our ability to execute complex cross-border financings. It is particularly rewarding to work collaboratively with the banks, Evren and our fellow legal counsel to deliver a structure that supports India’s clean energy ambitions and would become a benchmark for similar projects."
