International law firm Trowers & Hamlins has advised REC Limited in connection with a INR 72,89,20,00,000 (c. USD 870 million) rupee term loan facility provided under a co obligor structure to a group of special purpose vehicles forming part of Evren Energy network which is a leading Indian renewable energy platform backed by Brookfield.
The financing supports the development of a 1,040 MW hybrid renewable energy project in Andhra Pradesh, comprising approximately 400 MW of solar, 642 MW of wind capacity and 440 MWh of battery energy storage, designed to deliver firm and dispatchable renewable power. The project forms part of one of India’s early firm and dispatchable renewable energy (FDRE) framework projects, enabling reliable round the clock clean energy supply.
The transaction involved a complex cross-border structure, with DIFC-based holding entities linked to Brookfield providing offshore-level security and credit comfort support for the domestic debt raised by the India-based SPVs.
Trowers & Hamlins acted as international legal counsel to REC Limited advising on matters of Dubai International Financial Centre laws, with Trilegal acting as Indian counsel. This transaction highlights Trowers’ strong track record in advising on complex cross-border financings involving Middle East holding structures and Indian infrastructure assets, and underscores the continued growth of India’s renewable energy sector.
The Trowers & Hamlins team was led by Debopam Dutta, Partner and Head of India Desk, with support from Saptarshi Chatterjee, Senior Associate, and Khalifa AlKhalifa, Associate.
Debopam Dutta, Partner and Head – India Desk at Trowers & Hamlins, commented:
"We are pleased to have advised REC Limited, a Maharatna financial institution, on this significant financing. The transaction underscores the strong momentum in India’s renewable energy sector and the increasing reliance on sophisticated cross-border structures for large-scale infrastructure projects, as well as the confidence our clients place in our India Desk to deliver complex financings. It has been a privilege to work closely with REC, the sponsor group and our fellow counsel to structure a financing that supports India’s clean energy ambitions and establishes a strong foundation for future hybrid and FDRE projects."
