Luthra and Luthra Law Offices have assisted seven subsidiaries of Azure Power India in securing loan facilities totaling INR 24 billion (approximately USD 29 million) from the Rural Electrification Corporation (REC).
These funds will be used to refinance renewable energy projects within Azure Power’s portfolio, which has a combined capacity of 615 MW. Additionally, the transaction enables the prepayment of USD 310 million in green bonds issued by Azure group entities to international bondholders.
Azure is a prominent solar power producer in India, focusing on large-scale renewable energy projects, while REC is an Indian infrastructure finance company that supports power project financing. Partner Karan Mitroo led the transaction team, with support from managing associates Ankita Parasar and Samarth Sharma, and associate Harshil Kakkar.
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