L&L Partners dominate clean energy sector as advisor
India expects to attract huge investment to achieve its ambitious target of renewal energy in the next few years.
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L&L Partners dominate clean energy sector as advisor India expects to attract huge investment to achieve its ambitious target of renewal energy in the next few years. With the government's focus on encouraging renewal energy sector, legal firms like L&L Partners were expected to play a key role in it. According to a Bloomberg NEF study, role of legal firms had been witnessing...
L&L Partners dominate clean energy sector as advisor
India expects to attract huge investment to achieve its ambitious target of renewal energy in the next few years.
With the government's focus on encouraging renewal energy sector, legal firms like L&L Partners were expected to play a key role in it.
According to a Bloomberg NEF study, role of legal firms had been witnessing an upward trend since the nation was poised to attract more investment in renewal energy sector in the coming days. Investors usually hire legal firms to ensure all lose ends were tied up and all prescribed laws of the land are followed to avoid any future complications.
About 4.8 gigawatts of new projects were financed in India in the outgoing year 2020 of which L&L Partners alone was involved as advisor on 2.1 GW, making the firm founded by Rajiv K Luthra as the dominant player as advisor in the clean energy sector.
Indian authorities have been making constant endeavours to balance fast growth of the Indian economy while taking care of environmental concerns in which promoting clean energy sectors have been identified for special attention. India has fixed an ambitious target of tapping 275 GW of renewal energy by the year 2027, attracting huge investments by domestic and foreign companies.
According to Bloomberg NEF data, 27 projects were refinanced in 2020 amounting to a total of 985 megawatts. The power firms look for lower rate of interest on their debts, making banks and other financial institutions hire services of law firms like L&L Partners and Allen & Overy to ensure all requisite legal parameters are covered.
L&L Partners was involved in advising several power generation companies and financial institution in the outgoing year, including advising SB Energy, backed by Softbank Group Corp, in obtaining debt for its 600 MW solar project in Rajasthan's Bhadla Solar Park, which is one of the largest solar complexes in the world. In addition to this, L&L Partners were also involved with Amplus Solar's, backed by Petronas Gas Bhd, acquisition of 100 MW Pavagada plant from Acme Solar.
The study further states that law firms specialising in financing and refinancing in clean energy sector were poised to be involved in more such deals over the next few years with investment in renewal energy sector expected to surge to new levels in India's mission of producing 275 GW of renewal energy by 2027.