Dhir & Dhir Associates advised India Infrastructure Finance Company Limited (“IIFCL”) and Indian Renewable Energy Development Agency Limited (“IREDA”) in connection with the ‘credit enhanced’ secured, rated, listed, redeemable non-convertible debentures aggregating upto INR 7600.00 Million issued by Renew Akshay Urja Private Limited (“Issuer”). The said non-convertible debentures were partially guaranteed by IIFCL and IREDA under their respective credit enhancement schemes. The proceeds of the said non-convertible debentures are proposed to be utilized by the Issuer inter-alia for the purposes of refinancing of the existing loans of its 124 MW solar power projects in State of Telangana. Girish Rawat, Partner, Dhir & Dhir Associates led the firm’s banking & capital market team on the above transaction and was assisted by Amit Prakash, Senior Associate. They advised the Guarantors viz. IIFCL and IREDA on the transaction documents and other transaction related issues.