IndusLaw, Shearman & Sterling and Neupane Law Associates advised the Dutch development financing institution, FMO and a consortium of lenders on the $142.5m financing of the proposed 82 MW Nepalese Lower Solu hydropower project.
The Nepalese company Essel-Clean Solu Hydropower and the Indian company Essel Infraprojects, which will develop the project together, were advised by Clifford Chance.
Indus partner Ran Chakrabarti and associates Chitvan Bakshi and Anant Mishra, Shearman London partner John Inglis, senior associate Suzanne Szczetnikowicz, associates Josephine Du Sauzay, Amy Crocker-White, Catherine Kempsey and trainee Ruba Ameen and Neupane Kathmandu partner Anjan Neupane acted for the lenders.
Clifford Chance Bangkok partners Joseph Tisuthiwongse and Matthew Buchanan, counsel Anton Trixl and senior associates Kamil Gérard Ahmed and Danielle Brown acted for the borrowers.
The Lower Solu Project is the largest private sector energy project and the first private financing in Nepal undertaken by both international and domestic lenders, stated a Clifford Chance’ press release.
Nepal has one of the largest untapped hydropower resources in the world, estimated at over 80,000MW, but the country also has one of the world’s lowest electricity consumption rates marked by power cuts of up to 18 hours a day in the dry season coming in the way of sustainable economic growth, according to the press release of one of the lenders.
Source : Clifford