Norton Rose Fulbright advises HSBC on ECA-supported financing for power and infrastructure projects in India

Global Press release - Business July 2024

Global law firm Norton Rose Fulbright has advised HSBC on a €200 million financing by HSBC’s GIFT City Branch for Power Finance Corporation (PFC), an Indian state-owned financial institution.

The proceeds of the financing will be used by PFC for on-lending to power and infrastructure projects in India. The financing benefits from a guarantee by the Italian export credit agency, SACE, under its Push Strategy.

HSBC is acting as coordinating bank, lead arranger, lender and facility agent on the financing.  

The financing will offer project owners in India the ability to access cutting-edge Italian technology and collaborate with Italian firms through business-matching activities. This transaction will strengthen the India-Italy relationship, particularly among businesses that operate in the power and infrastructure sectors.

The Norton Rose Fulbright team advised HSBC on all banking and finance matters throughout the transaction.

The cross-border team was led by London-based partner David Milligan and included Hong Kong-based consultant Peter Haslam, special counsel Aditya Rebbapragada and associate Andrea Lim (both Singapore-based). Norton Rose Fulbright’s Milan partner Arturo Sferruzza, associate Giulio Mariano and trainee Mattia Musella advised on Italian law-related matters.

David Milligan partner at Norton Rose Fulbright commented: “We brought together a cross-border team of lawyers to support our client on this landmark transaction. This is the second SACE Push facility for an Indian state-owned borrower which we have advised on in the past month. It is fantastic to see these transactions complete and enable greater collaboration between Indian and Italian businesses in the power and infrastructure sectors.&rdquo

For further information please contact:

James Grice, PR Manager

Tel: +44 20 7444 5715  

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