Dentons Link Legal successfully advised State Bank of India (SBI) in connection with its extension of financial assistance to a special purpose vehicle (SPV) of Hero Future Energies, one of India’s leading renewable energy companies and the renewable energy arm of the Hero Group, which is backed by leading global investors such as International Finance Corporation (IFC) and KKR.
The financing supports the development of a 60 MW hybrid renewable power project in Kurnool district, Andhra Pradesh, combining solar, wind, and storage technologies. Contracted with the Solar Energy Corporation of India (SECI), the project is among the pioneering hybrid peak power projects in the country, designed to enhance grid stability, improve reliability of supply, and maximize renewable energy utilization. The proceeds of the financing, amounting to INR 10,240 million will be deployed towards the construction and development of the project. The sanction has been structured with a rupee term loan (with a swing option to FCNRB–TL) and associated sub-limits, including a capex letter of credit and a credit exposure facility, thereby providing a comprehensive financing package tailored to meet both the project’s capital expenditure and operational requirements. The funding ensures long-term financial support, enabling the timely execution of the project and contributing to India’s clean energy transition agenda.
Hero Future Energies, with its strong track record of delivering innovative renewable solutions across wind, solar, and hybrid projects, continues to play a pivotal role in driving sustainable growth and accelerating India’s energy transition. The company’s focus on integrating advanced storage solutions with renewable generation further strengthens its leadership in shaping the future of clean energy.
State Bank of India, as the country’s largest lender, has consistently supported the development of green and sustainable infrastructure. This financing demonstrates SBI’s commitment to partnering with key renewable players in expanding India’s renewable footprint and aligning with the nation’s climate and sustainability goals.
Dentons Link Legal provided comprehensive legal advisory services to State Bank of India, covering all aspects of the transaction including structuring, drafting, negotiation, finalization, and execution of the financing and security documentation.
The transaction was led by Parul Verma (Partner), with support from Swapnil Sant (Counsel), Priyank Shukla (Associate), Chhavi Chopra (Associate), and Dushyant Rathore (Associate).
This transaction marks a significant milestone in renewable energy financing and reinforces the Team’s position as a leading advisor on complex project finance transactions across the energy and infrastructure sectors
The deal is highly reported, please refer to the press release below: