21 February, 2017
Allen & Overy and Trilegal have advised JERA Co., Inc. (JERA), on its acquisition of a 10% equity stake in ReNew Power Ventures Private Limited (ReNew Power), one of India’s largest renewable energy companies.
JERA is the equal joint venture between Tokyo Electric Power Company (TEPCO) and Chubu Electric Power Company (Chubu). The business of JERA encompasses the entire energy supply chain from upstream fuel investment and fuel procurement through power generation, but the investment in ReNew Power is JERA’s first major transaction in the renewable energy space.
ReNew Power is a major renewable power generation company based in India which develops and operates wind and solar power generation widely in that country. ReNew Power already operates 1.5 GW of assets and has 1.8 GW of assets under construction. Since its establishment in 2011, ReNew Power has expanded its business significantly, with further growth expected in the future.
Commenting on the transaction, Allen & Overy lead partner Simon Black said: “We are delighted to have represented JERA on its first major renewables transaction since its formation last year. The transaction reflects growing investor interest in the Indian renewable energy sector and the opportunity for JERA to deliver on its strategy to become a diversified international energy company. ReNew Power has become the market leader in Indian renewable generation since its launch some seven years ago and offers JERA a strong partnership for future growth. Because of the complex issues around regulations, land, technology, international supply chains, operation and financing, the Indian renewables sector lends itself to strong cross-border partnerships.”
The Allen & Overy team was led by Tokyo-based partner Simon Black with support from senior associate Hitomi Komachi and associates Frederieke van Baal and Jake Finlayson.
The Trilegal team was led by partners Akshay Jaitly, Neeraj Menon, Ravindra Bandhakavi and Samsuddha Majumder and supported by counsels Moksha Bhat, Nayantara Nag, Dushyant Kumar, Anuja Tiwari and Shashank Jain.
ReNew Power and majority shareholder Goldman Sachs were advised by Nishith Desai Associates led by partners Rajesh Simhan and Karan Kalra and associate Dipanshu Singhal.
