Luthra & Luthra Law Offices has advised a consortium of financial institutions in a USD425 million foreign currency loan to fund Serentica Renewables’ 530MW energy project in India.

The consortium included Rabobank, the Export Import Bank of India, India Infrastructure Finance Company, MUFG, Societe Generale and YES Bank.

“The transaction was the first external commercial borrowing in the country for project financing a captive renewable energy project and we are proud to have advised on this deal and privileged to have been given this opportunity,” said Karan Mitroo and Vaibhav Suri, lead partners working on the deal.

“We are hopeful that this deal will enhance the pace of debt commitments and further growth of captive renewable energy projects in the country.”