IFC, a member of the World Bank Group, and a consortium of eight other lenders finalized a 3 million debt financing package for construction of 216 MW hydropower project in Nepal. The Project is being developed by Nepal Water and Energy Development Company (NWEDC) and is the largest FDI in Nepal’s hydropower sector.
The Lenders involved in the Project were IFC, Asian Development Bank, Asian Infrastructure Development Bank, Exim Bank of Korea, Netherlands Development Finance Company, Commonwealth Development Corporation, Korea Trade Insurance Corporation, Proparco Development Bank; and Organization of the Petroleum Exporting Countries.
Pioneer Law Associates (“PLA“) acted on behalf of the syndicate lender’s counsel. The Project was the highest private sector lending in the history of Nepal and is currently the second largest lending in history of Nepal. The team from PLA was led my Mr. Anup Raj Upreti, the Managing Partner followed by Ms. Lajula Maharjan, Senior Associate of PLA, Mr. Sameep Khanal and Mr. Kripesh Shrestha, Associates of PLA.
The role of PLA was to; (a) prepared legal due diligence report and title search due diligence report on behalf of the lenders (b) review financing documents from Nepalese law perspective (c) draft security documents for the project. PLA also undertook and managed the signing ceremony on behalf of all parties to transaction.