Cross-border Norton Rose Fulbright team advises on EFA’s first major financing in India

Global law firm Norton Rose Fulbright has advised Citi on a financing supported by Export Finance Australia (EFA) – the Australian Government’s export credit agency – to support green infrastructure projects across India.

A cross-border Singapore and Australian Norton Rose Fulbright team advised Citi on this transaction. The team was led in Singapore by partners Aditya Rebbapragada and Nick Merritt, supported by Tasnia Begum. The firm’s team in Australia was led by Perth partner Nick Sinclair, assisted by Special Counsel Jessica Jenke and associate Alexei Taroy. JSA Law in Mumbai advised Citi on Indian law matters through a team led by partner Tirthankar Dutta and supported by Ciol Kumar, Sagar Srivastava and Kratika Parashar.

Under this inaugural arrangement, India’s Power Finance Corporation (PFC) partnered with EFA and Citi to secure a USD 180 million ECA-backed financing facility from Citi. Citi acted as EFA coordinator, lead arranger, facility agent and EFA agent on the financing.

This marks EFA’s first major financing initiative in India, which is one of the world’s fastest-growing renewable energy markets, and is aligned with EFA’s commitment to sustainable infrastructure. The EFA-backed facility will help PFC advance a wide range of sustainable infrastructure initiatives, including renewable energy projects. These investments are vital to India’s broader energy-transition roadmap and long-term climate objectives. The EFA backed structure not only helps PFC access global liquidity more efficiently but also strengthens investor confidence in long-dated, sustainability-linked infrastructure assets.

Nick Merritt commented:

“Congratulations to the Citi, Export Finance Australia and PFC teams on delivering this first-of-its-kind financing, which will help accelerate India’s clean energy transition and deliver lasting benefits to communities and the environment - we are delighted to have advised on such a transformative and impactful transaction.”

Aditya Rebbapragada commented:

“We are pleased to have advised Citi on this landmark financing for PFC supported by EFA. This transaction underscores the growing role of innovative finance structures in mobilizing global capital for India’s energy transition. Equally, it reflects the confidence of international lenders in PFC’s leadership and the strength of its commitment to sustainable infrastructure development.”

Norton Rose Fulbright regularly advises on significant, ‘first of a kind’ cross-border deals. Over the past five years, Norton Rose Fulbright’s global team has advised on nearly 600 energy, infrastructure and natural resources transactions with a value of over US$358 billion in the aggregate (IJGlobal, Q3 2024).