India Infrastructure Finance Company Limited (IIFCL) has said to have provided a term loan of Rs. 156 crore (USD 23.8 million) to Gurugram based Mihit Solar Power under its Takeout Finance Scheme, for substituting the outstanding principal amount of the loan sanctioned by L&T Infrastructure Finance, for the purpose of developing and commissioning a 74 MW Solar Power Project in Mansa District, Punjab.

AZB & Partners partner Gautam Saha and partner Pallavi Meena, with associates Pragya Sood and Ayan Das have acted for Overseas Private Investment Corporation (OPIC).

Vaish Associates Advocates has advised wind turbine manufacturer Enercon for the supply of wind turbines and associated facilities worth $198m to CLP India for the development of two greenfield energy projects in Andhra Pradesh and Rajasthan.

India Law Services (ILS) has acted as lenders' legal counsel on three external commercial borrowings (ECB) and loan structurings of Reliance Power worth around $50m of for the second phase development of its Uttar Pradesh-based 1,200 MW Rosa Power project.

ILS advised Axis Bank, Allahabad Bank and Syndicate Bank on the execution of three different loan agreements as well as conversion of existing Rupee term loans into foreign currency loans to enable Rosa Power Supply to reach full-capacity power generation.

ILS Mumbai-based partner Tushar Desai led the transaction for the lender consortium while the borrower Anil Dhirubhai Ambani Group (ADAG)-owned Reliance Power acted through its in-house legal team.

Desai told Legally India: “The Axis Bank Ltd and Allahabad Bank granted such foreign currency loans through their respective Hong Kong branches, Syndicate Bank did so from its London branch.

“While the first transaction of Axis Bank Ltd.,(for $20m), was signed in October 2010, the other two were with Allahabad Bank ($15m) and Syndicate Bank ($15m) were signed in January 2011. In this case individual facility agreements were executed with each of the ECB lenders and other finance documents were executed for inclusion of the ECB Lenders as part of the consortium.”

According to the Economic Times the Rosa plant recently hit 105 per cent of its power generation capacity last month.

Luthra & Luthra has advised a Power Finance Corporation-led consortium of 27 lenders to fund KSK Mahanadi’s Rs 16,190 crore power project in the state of Chhattisgarh.

FoxMandal Delhi acted as the lender’s sole legal counsel for state power sector unit Rural Electrification Corporation (REC) and others in the development of a 1,320MW thermal power project in Andhra Pradesh.

Project finance law firms R&A Legal and India Law Services have advised on the Rs 970 crore ($210m) term loan and bank guarantee between Navayuga Engineering Company Limited and Bank of Baroda led bank consortium for the financing and development of India’s largest private sector port at Krishnapatnam in Andhra Pradesh.