Global law firm Ashurst Perkins Coie advised Japan Bank for International Cooperation and co-financing lenders on a JPY80 billion loan to Power Grid Corporation of India Limited (PGCIL) for a high-voltage direct current (HVDC) transmission project in India.
This financing arrangement will supply PGCIL (India's state-owned power transmission utility) with the capital required to undertake a large scale high-voltage direct current (HVDC) transmission project. The project involves the transmission of electricity generated at the Khavda Renewable Energy Park, situated in Gujarat in western India, to Nagpur in the central Indian state of Maharashtra.
Recognised as one of the largest HVDC undertakings globally, the project constitutes a critical element of the Indian government's ambition to bring installed renewable energy capacity to 500 GW by 2030. Backing this initiative is expected to accelerate the uptake and broader deployment of HVDC technology across the Indian market, reinforce the country's power transmission infrastructure, and open commercially significant opportunities for Japanese enterprises engaged in the supply of HVDC equipment.
Lead partner Teruma Naito commented:
"We are pleased to have supported JBIC and the co-financing lenders on this significant cross-border transaction. This project plays a central role in advancing India's renewable energy ambitions and strengthening transmission infrastructure across the country."
The team was led by Tokyo based partner Teruma Naito, assisted by David McCormick, Amos Yoo, Edward Low and Rhiannon Kumar.
