Global law firm White & Case LLP advised the international lenders on the financing of Reliance Power’s Rs.21,745 million (US$392 million) Rajasthan Sun Technique solar power project in the state of Rajasthan, India. The financing for this project was provided by Asian Development Bank, FMO and US Ex-Im Bank, together with Indian commercial bank, Axis Bank.
The project financing documents were signed on 13 June 2012 and the plant will be commissioned in 2013. The project is located in the village of Dhursar, adjacent to India’s largest photo-voltaic solar power project (40 MW), also developed by Reliance Power. Upon completion, the Rajasthan CSP project will be the one of the largest solar power plants in India. Implementing innovative concentrating power technology developed by Areva, the project has a planned net capacity in excess of 100MW.
“The Rajasthan CSP project is a hugely significant step for the Indian solar power market,” said White & Case partner Doug Peel. “The scale of the project and the speed with which our clients and Reliance Power have been able to execute this financing are remarkable.”
The financing consists of term loan facilities of: US$103 million from ADB, US$80 million from US Ex-Im, US$70 million from FMO and Rs.1,140 million from Axis Bank. The project is wholly-owned by Reliance Power, which is actively participating in the initiative led by the Government of India to promote the establishment of a significant number of solar power projects throughout the country. In addition to its renewable projects, Reliance Power is also a leading developer of conventional power projects in India.
The White & Case team was led by partner Doug Peel and senior associate Matthew Wood, supported by partner and India practice head Nandan Nelivigi and associate Ben Bradstreet.
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