Bank of Baroda Supports India's Largest Green Hydrogen Project with Legal Advice
Key Ideas
  • Cyril Amarchand Mangaldas advised Bank of Baroda on extending credit for JSW Renewable Energy's green hydrogen project, supporting JSW Steel.
  • The project in Vijayanagar, Karnataka, is India's largest commercial-scale green hydrogen venture, producing 3,800 tonnes of green hydrogen annually.
  • Bank of Baroda's involvement marks its first step into green hydrogen finance, setting a precedent for future projects in the sector.
  • The legal team conducted due diligence on project documents, including supply agreements, to ensure the bankability of the Green Hydrogen Project.
Cyril Amarchand Mangaldas provided legal advice to the Bank of Baroda for extending credit facilities to JSW Renewable Energy for their green hydrogen project in Vijayanagar, Karnataka. The project aims to produce 3,800 tonnes of green hydrogen per year, along with green oxygen, to meet the needs of JSW Steel. This initiative represents the largest commercial-scale green hydrogen project in India to date. Bank of Baroda's participation in this project marks its first foray into green hydrogen finance, establishing a significant milestone in the country's renewable energy landscape. The legal team, led by Ramanuj Kumar, conducted thorough due diligence on the project's documents, particularly the hydrogen supply agreement, ensuring the project's bankability. The agreement was signed in September 2024 and finalized in October 2024, paving the way for a promising collaboration between key players in the green energy sector.
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