Luthra and Luthra Law Offices has assisted seven subsidiaries of Azure Power India on securing loan facilities totalling INR24 billion (USD29 million) from Rural Electrification Corporation (REC).
These funds were allocated for refinancing renewable power projects in Azure Power’s portfolio, with a combined capacity of 615MW. The transaction has also facilitated the prepayment of green bonds issued by Azure group entities to international bondholders, amounting to USD310 million.
Azure is a solar power producer in India operating large-scale renewable energy projects. REC is an Indian infrastructure finance company that provides financial assistance for power projects.
Partner Karan Mitroo led the transaction team, with support from managing associates Ankita Parasar and Samarth Sharma, and associate Harshil Kakkar.
