Global law firm Norton Rose Fulbright advised Asian Development Bank (ADB) on INR 7.5bn (around US$91.14m) loan facilities to five subsidiaries of SAEL Industries Limited (SAEL Industries), one of India’s leading renewable energy companies. The funds will be used to set up biomass power plants in Rajasthan, an agricultural state in India which experiences high volumes of burning crop stubble that causes air pollution and other health issues.
The financing from ADB will support SAEL Industries’ sustainable project in promoting generation of biomass energy using agricultural residue and reduce carbon intensity in India. The investment is expected to aid SAEL Industries’ subsidiaries to construct five biomass power plants totalling up to 74.5 megawatt and convert about 650,000 tons of agricultural residues into electricity.
The Norton Rose Fulbright team advising on this loan was led by banking and finance partner Nick Merritt who was primarily supported by counsel Aditya Rebbapragada and senior associate Aditi Aparajita.
Nick Merritt commented: “It has been a delight to once again support our longstanding client ADB, on their financing package to support and promote energy transition in India. ADB is a leader on energy transition across Asia and we are committed to supporting the decarbonisation of key markets where the transactions can have a high impact.”
ADB is a key client of the Singapore team. Most recently, the team also advised on a US$60.5 million blended investment to develop electric battery-powered buses in India to support energy transition in the region.