Herbert Smith Freehills (HSF) and Nepali law firm Abhinawa Law Chambers advised the Investment Board of the Government of Nepal on its project development agreement (PDA) with a consortium led by Indian infrastructure company GMR, to develop the 900 megawatt, $1.4bn hydroelectric Upper Karnali Hydro Power Project.

GMR was advised by Amarchand Mangaldas and Nepal law firm Sinha-Verman Law Concern.

HSF London Finance partner Martin Kavanagh led the team acting for the Investment Board assisted by senior associates Shashank Krishna and Aleem Tharani and associate Lisa Quelch and Abhinawa partner Semantha Dahal.

Amarchand partner L Vishwanathan and Sinha-Verman partner Mahesh Thapa acted for GMR on this deal which was one of Nepal’s biggest ever foreign investments, which will provide 12 per cent of its energy freely to Nepal to help meet its rapidly climbing energy needs, reported Mint.