Kochhar & Co. has advised Indian Renewable Energy Development Agency Limited (IREDA) on a ₹1,513 crore (~$175 million) project financing of a 280.9 MW wind solar hybrid group captive project sponsored by Oyster Renewable Energy Private Limited.
The Firm played a pivotal role in drafting, negotiating and finalising all the financing documents.
The transaction team was led by Pradeep Ratnam (Senior Partner) and Reena Jalan (Partner) and supported by Priyadarshinee Singh (Senior Associate) and Aaroh Bhargava (Associate).
The project involves development in phases across the Indian states of Gujarat and Madhya Pradesh, with generated power being wheeled to the power offtaker, a leading Indian steel manufacturer, through the interstate power transmission system (ISTS).
IREDA's financing aligns with its broader commitment to supporting India's renewable energy goals. In the fiscal year 2024-25, IREDA reported a record profit of ₹1,699 crore, marking a 36% growth from the previous year. The agency's loan sanctions rose by 27% to ₹47,453 crore, and its outstanding loan book expanded by 28% to ₹76,250 crore as of March 31, 2025
Oyster Green Hybrid One Private Limited was incorporated in August 2023, as a special purpose vehicle promoted by Oyster Renewable Energy Private Limited (OREPL) to implement renewable energy projects in India. The company is currently developing a 281 MW hybrid power plant spread across Madhya Pradesh and Gujarat, with a projected completion date by the end of June 2025.
This project operates under a 25-year power purchase agreement with Jindal Stainless Limited (JSL), which holds a 26% equity stake in the venture, aligning with the captive power plant structure. OREPL, the majority stakeholder, is owned by Oyster Renewable Energy Holdings Pte. Ltd., an investment company promoted by Ratan Jindal in Singapore.
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