Indian Renewable Energy Development Agency Limited (IREDA) provided financial assistance of ₹750 crore and ₹400 crore to Renew Jal Urja Private Limited, and Pioneer Power Corporation Limited and Pioneer Genco Limited, respectively.
Luthra and Luthra Law Offices advised IREDA on the transaction.
The transaction team for the Pioneer project was led by Girish Rawat (Partner) and assisted by Ashneet Chhabra, Himanshi Bhadoria and Pranav Dwivedi (Associates)
The transaction team for Renew Jal Urja project was led by Purvi Dabbiru (Partner) and assisted by Samarth Sharma and Shantanu Awasthi (Associates).
The newly infused funds will be used for the purpose of financing the hydropower projects in the States of Karnataka and Uttarakhand