Energy

Representative Matters

• Chambers & Partners Asia-Pacific 2024 ranked and recognized as ‘Leading Law Firm’ in 11 practice areas and 7 lawyers. Asset Triple A – Sustainable Infrastructure Awards 2023, in the following categories: Asia-Pacific Deal of the Year – ReNew Surya Roshini Private Limited – USD 985 Million hybrid round-the-clock battery-enabled project financing. Renewable Energy Deal of the Year – ReNew Surya Roshini Private Limited – USD 985 Million hybrid round-the-clock battery-enabled project financing. Petrochemical Deal of the Year – Hindustan Uravarak & Rasayan Limited – 41.79 Billion rupees working capital facilities.
• Refinitiv, an LSEG business ranked in the ‘Top 15 Lenders Legal Counsel for the APAC and Japan region’ in League Table 2022 rankings. It is the ‘Only Indian Law Firm’ ranked in the said table. Asia-Pacific Green Deal of the Year Award for the ‘Renew-RTC Project’ at the PFI Awards 2022.
• Chambers & Partners Asia-Pacific 2024 ranked and recognized as ‘Leading Law Firm’ in 11 practice areas and 7 lawyers. Asset Triple A – Sustainable Infrastructure Awards 2023, in the following categories: Asia-Pacific Deal of the Year – ReNew Surya Roshini Private Limited – USD 985 Million hybrid round-the-clock battery-enabled project financing. Renewable Energy Deal of the Year – ReNew Surya Roshini Private Limited – USD 985 Million hybrid round-the-clock battery-enabled project financing. Petrochemical Deal of the Year – Hindustan Uravarak & Rasayan Limited – 41.79 Billion rupees working capital facilities.
• Refinitiv, an LSEG business ranked in the ‘Top 15 Lenders Legal Counsel for the APAC and Japan region’ in League Table 2022 rankings. It is the ‘Only Indian Law Firm’ ranked in the said table. Asia-Pacific Green Deal of the Year Award for the ‘Renew-RTC Project’ at the PFI Awards 2022.
• Project Developers: such as GMR, Tata Power, Shapoorji Pallonji, GVK
• Investors: such as Blackstone, IDFC, Merill Lynch, EDF, Skypower, Korean Western Power
• Governmental entities: including Planning Commission of India, Ministries of the Government of India
• Banks: such as State Bank of India, ICICI Bank, Axis Bank, Yes Bank

Finance – Renewables

• Advised Indian Renewable Energy Development Agency Limited (IREDA) in relation to the financial assistance granted to 7 (seven) SPVs of NSL Group aggregating up to INR 673,32,00,000 in connection with 7 renewable energy power projects spread across the states of Gujarat, Maharashtra and Tamil Nadu.
• Advised Renew Power in first-of-its-kind round-the-clock renewable project in India. This constitutes one of India’s largest project finance funding’s in the form of ECBs in its renewable energy sector for a single project. The deal also saw one of the largest participations with 12 lenders providing funding to the project.
• Advised IREDA in relation to the financial assistances aggregating up to approximately INR 1382.37 Crore involving refinancing of 9 separate solar power projects set up in states of Punjab and Telangana under 6 project companies subsidiaries of Vector Green Energy Private Limited.
• Acted for and advised NIIF Infrastructure Finance Limited (Lender) in connection with financial assistance availed by 15 SPVs of the Brookfield Group from NIIF Infrastructure Finance Limited aggregating up to INR 7,690 Million for the purpose of refinancing of investments made in 15 renewables (solar and wind) energy power projects having an aggregate capacity of 300 MW (DC) spread across the State of Gujarat, Madhya Pradesh, Karnataka, Rajasthan and Tamil Nadu.
• Advised SB Energy Six Private Limited (sponsored by SB Energy Holdings Limited, a part of the SoftBank group) in an ECB financing for an aggregate amount of USD 266,400,000 and JPY 7,415,000,000 involving lenders from various jurisdictions including MUFG Bank Limited, Sumitomo Mitsui Banking Corporation, BNP Paribas, Société Générale and Standard Chartered Bank for the purpose of setting up and developing solar farms with an aggregate capacity of 600MW in the State of Rajasthan, India. ‘India Green Project of the Year Award’ at Asset Triple A Asia Infrastructure Awards 2021; and ‘Indian Green Deal of the Year Award’ by Project Finance International (PFI) 2020.
• Advised Coöperatieve Rabobank U.A., Seimens, Intesa and Societe Generale in relation to a facility proposed to be provided by them in relation to a 300 MW solar power project in Rajasthan.
• Represented L&T Finance Limited and other of its group entities in over 35 financing deals across sectors and in several renewable energy financings, for instance-
• Financing of approximately INR 1,700 Crore provided to 12 (twelve) special purpose vehicles set up by Essel Green Energy for a total capacity of 365 MW solar power projects in the states of Odisha, Uttar Pradesh, Karnataka and Maharashtra.
• Financing extended to Avikiran Solar India Private Limited (part of the Enel Group) for the purpose of, inter alia, financing the development, implementation and setting up of a 285.6 MW wind power plant in the State of Gujarat.
• Financial assistance involving rupee term loan facility aggregating to INR 11.31 Billion including letter of credit facilities as a sub-limit of the facility, by L&T Finance Limited to Adyah Solar Energy Private Limited (part of Renew Power group), for the purpose of, inter alia, part financing the developing, constructing, implementing and setting up a 300 MW AC green field solar power plant in the Pavagada Solar Park in the state of Karnataka.
• Represented Yes Bank Limited in over 30 financing deals across sectors and in the recent past has assisted Yes Bank Limited in several renewable energy financings. Some of the notable deals are-
• Financing Azure Power India Private Limited, for the purpose of developing, constructing, implementing and setting up a 200 MW solar power project in Rajasthan. financing of INR 430 Crore availed by Hindupur Solar Park, part of the First Solar group for setting up an 80 MW solar power project in the State of Andhra Pradesh.
• Financing INR 1300 Crore availed by Renew Power Ventures Private Limited.
• Represented IndusInd Bank Limited in multiple deals across sectors and in several renewable energy financings. Some of the notable renewable energy deals include- financing of INR 678 Crore availed by a subsidiary of the Shapoorji Group, for the purposes of setting up a solar power project with an aggregate capacity of 130 MW; financing of INR 690.71 Crore availed by ReNew Akshay Urja Private Limited (part of the ReNew Power group), for the purposes of setting up two solar power projects with an aggregate capacity of 124 MW in Telangana; financing of INR 895.30 Crore availed by Solairepro Urja Private Limited, for the purposes of setting up 250 MW (AC) solar PV power plant in the state of Andhra Pradesh.
• Advised Axis Bank Limited in grant of financial assistance to various SPVs of Global Infrastructure Partners involving separate rupee term loan facilities aggregating to approximately INR 10.05 Billion for the purposes of financing or refinancing existing facilities, in connection with various solar power plants situated in Rajasthan and Karnataka. ‘India Refinancing Deal of the Year Award’ at Asset Triple A Asia Infrastructure Awards 2021.
• Advised lenders led by Axis Bank Limited in relation to the financial assistances aggregating up to INR 17.80 Billion made available to four separate SPVs (forming part of the Actis Group) for the purpose of, inter alia, refinancing their existing debt with respect to their respective solar power projects in the states of Madhya Pradesh and Andhra Pradesh.

Project Development – Renewables

• Advised Solarpack India LLP, a subsidiary of Solarpack Corporacion Technologica, Spain in setting up 50 MWAC solar power project in the State of Karnataka.
• Advised Rays Power Infra Private Limited in setting up a solar power project of capacity 70 MWAC (100 MWDC) in the State of Uttar Pradesh through its special purpose vehicle, Lalganj Power Private Limited.
• Advised Infraco Asia for the development of a peaking run-of-river hydropower plant of total installed capacity of 37.6 MW (2 X 18.8 MW) on the Kabeli River in Taplejung and Panchthar District in the Eastern Development Region of Nepal.
• Advised Super Hydro Electric Power Limited (a wholly owned subsidiary of Mountain Energy Plc) for the development of 3 X 8100 KW hydro power project, advising on financing and security documentation for a rupee term loan of INR 120 Crore by the Indian Renewable Energy Development Agency.
• Advised Hodson Renewables on developing solar rooftop power projects in India including the drafting, negotiation and finalization of PPA with industrial consumers, EPC agreement and O&M.
• Advised Orange Uravakonda Wind Power Private Limited in relation to the development of a 100.8 MW wind power project in Andhra Pradesh.
• Advised Powerica Limited in relation to the development of a 16 MW wind farm in the State of Tamil Nadu.
• Advised ReNew Power Ventures Private Limited in relation to the development of 3 wind power projects across the states of Madhya Pradesh and Andhra Pradesh including supply agreements, evacuation arrangements, land agreements. O&M etc.
• Advised GMR Bajoli Holi Hydropower Private Limited on the contract documentation for certain electro-mechanical works related to the development of a 180 MW hydro power project in the State of Himachal Pradesh and certain tax-related issues.

Energy Efficiency

• Advised Shakti Sustainable Energy Foundation and Energy Efficiency Services Limited on developing project structure/risk matrix and standard projects documents for implementing and financing various types of energy efficiency projects under both shared savings and guaranteed savings models.*
• Advised Energy Efficiency Services Limited- on drafting a comprehensive model implementation agreement (with built-in payment security mechanism) to be executed by EESL with various municipal bodies for retrofitting of streetlights.* on drafting and finalising an Energy Performance Agreement with Karnataka Renewable Energy Development Agency and the relevant electricity distribution licensees in Karnataka for installation of streetlight energy saver technology/Smart Energy Saver Units in Bangalore and Mysore.* in relation to finalising of an Energy Performance Agreement with BESCOM for implementing agricultural demand side management project through replacement of agricultural pump sets with energy efficient pump sets.* in relation to finalising of an Implementation Agreement with Municipal Corporation of Bhatinda for implementing a demand side management project through replacement of pump sets with energy efficient pump setsat water treatment plants operated by Municipal Corporation of Bhatinda.* on the procedures and policies for the implementation of street lightning projects in various municipalities of West Bengal and drafting, negotiating and finalizing the related tripartite agreement.
• Advised Technergy ESCO, one of the leading ESCO companies engaged in developing and implementing various energy efficiency projects in collaboration with foreign technology providers.
• Advised CleanMax on regulatory aspects and structuring issues involved in setting up co-generation captive power units for commercial buildings in Bombay, including drafting standard PPA.*
• Advised World Bank and SIDBI in relation to developing standard documents (including a master guarantee agreement and energy services agreement) for a Partial Risk Sharing Facility Project for facilitating lending by banks and financial institution to ESCOs.*
• Advised Climate Change Capital UK on the CFL Lighting Projects along with the Bureau of Energy Efficiency, under the ‘Bachat Lamp Yojna’ announced by the Government of India, principally in Karnataka, Andhra Pradesh and Tamil Nadu.
• Advised Bureau of Energy Efficiency for Bachat Lamp Yojana (a clean development mechanism initiative by Bureau of Energy Efficiency, Ministry of Power on the procedures and policies formed for implementation of clean development mechanism projects under the United Nations Framework of Climate Change Convention and the Kyoto Protocol.

Energy Distribution

• Advised Tata Power in relation to its bid (pursuant to a competitive bidding process) to act as a distribution franchisee of Maharashtra State Electricity Development Corporation Limited for distribution of electricity in the Nagpur and Aurangabad distribution circles*.
• Advised Gujarat Electricity Regulatory Commission in formulation of its Distribution and Transmission licenses, MYT Regulations, Consumer Grievance regulations and Open Access Regulations.
• Advised Japan Bank for International Cooperation (JBIC) in multiple matters relating to regulatory issues relating to power generation, distribution and transmission in several Indian states.
• Advising and representing Tata Power Delhi Distribution Limited- before the Hon’ble Appellate Tribunal for enforcement of the Tribunal’s order pertaining to periodic issuance of Power Purchase Adjustment Cost and obtaining interim relief in the same. in relation to compliance of renewable purchase obligations before the DERC before the Appellate Tribunal in relation to the annual tariff determined by DERC from FY 2013- 14 to 2015-16 application. on a series of regulatory matters including interpretation and application of Net Metering Regulations, Renewable Purchase Obligations, Supply Code Regulations, MYT Regulations, and income from business other than licensed business, National Tariff Policy, National Electricity Policy, Regulatory Assets, powers and scope of the CAG. before the Appellate Tribunal against the determination of tariff for solar PV plants.
• Advising and representing the Delhi Electricity Regulatory Commission on a series of tariff appeals filed by distribution licensees (BSES Rajdhani and Yamuna Power Limited as well as North Delhi Power Limited) before the Hon’ble Appellate Tribunal for Electricity challenging the tariff arrived at and the methodology for arriving at the same from FY 2007-08 to 2009-10 including the MYT order of 2008-11.

Electric Vehicle

• Advised IREDA in connection with financial assistance aggregating upto INR 2676.70 Million for part financing the cost of acquisition of 3000 all electric cars. The current transaction is the first under the said scheme and is widely reported as being a marquee deal in India in the EV space.
• Advised Shriram Pistons & Rings Limited and its subsidiary SPR Engenious Limited (SEL) in the acquisition by SEL of 51% stake in EMF Innovations Private Limited (EMFI India) from EMFI International Pte Ltd and Ms. T.P. Sivasankari. This alliance will also offer potential for SPRL (through SEL) and EMFI to collaborate and partner to serve customers globally and also become a leading supplier of its products in India, which is one of the fastest growing electric vehicles markets in the globe.
• Acted as the lenders’ legal counsel to consortium of lenders led by Bank of Baroda, in connection with the financial assistance to Ola Electric Technologies Private Limited, the electric vehicles (EV) arm of cab aggregator Ola, for the purpose of setting up a green field project for manufacturing electric 2 (two) wheeler vehicles at Krishnagiri District, Tamil Nadu with an initial capacity of 0.50 million vehicles per annum.
• Advised Engie in relation to proposed equity investment in Lithium Technologies, an e-vehicle based mobility company.
• Advised Amplus in relation to regulatory framework for setting up an app-based e- vehicle platform/e-vehicle shuttle service.
• Advised SB Energy in relation to regulatory framework for setting up an app-based e- vehicle platform/e-vehicle shuttle service.*
• Advised ALLT Mobility in relation to various regulatory issues in relation to owning and leasing e-vehicle to clients.
• Represented the founder and MD of leading electric vehicle manufacturer Ampere Vehicles (Ampere), in the sale of her equity stake and complete exit to strategic investor – Greaves Cotton Limited (Greaves). The 18.77% equity stake sale, valued Ampere at over INR 300 Crore.
• Acted for and advised Bank of Baroda in connection with funding and financial closure of the Phase- I of the green field project for manufacturing electric 2 (two) wheeler vehicles being setup by Ola Electric Technologies Private Limited at Tamil Nadu. The first phase will have a manufacturing capacity of 0.50 million vehicles per annum. The total deal size was USD 100 million (approximately INR 750 Crore).
• Advised Green Growth Equity Fund (managed by EverSource Advisors Private Limited) in relation to its proposed bid submission agreements in response to an RFPQ for operation of private stage carriage services (using electric buses) issued by the Government of National Capital Territory of Delhi and connected advisory in relation to laws governing electric vehicles in India.
• Advising NITI Aayog in relation to drafting and review of model concession documents – agreements, requests for qualification and requests for proposal, review of concession documents received from ministries/ government departments for PPP projects, including relating to EVs.
• Advised Planning Commission in relation to the vetting of two long-term procurement-cum-maintenance agreements for the supply of electric and diesel-electric.

Clean Energy

• Advised Moser Baer Clean Energy Limited in relation to setting up of projects under the Gujarat Solar Policy including EPC contracts, technical assistance and financial investments.
• Advised IREDA in connection with the proposed financial assistance aggregating up to INR 7410 Million to Morjar Windfarm Development Private Limited, a step-down subsidiary of Continuum Green Energy Limited, Singapore, for part financing the estimated cost of setting up and implementing a 148.50 MW wind power plant at Kutch, Gujarat, India.
• Advised RBL Bank Limited (RBL), in connection with the proposed financial assistance aggregating up to INR 240 Million to Amp Energy Distributed Generation One Private Limited, an Amp Energy group company that develops flexible and clean energy infrastructure in India.
• Advised consortium of NIIF Infrastructure Finance Limited and India Infradebt Limited in connection with the proposed additional takeout and top-up financial assistance aggregating up to INR 1790 Million to Amplus KN Solar Private Limited (Borrower), a subsidiary of Amplus Energy Solutions Pte. Ltd, Singapore, in relation to Borrower’s commissioned 175 MW (DC) solar power project at Hulkoti and Kurthkoti Village, Gadag District in the state of Karnataka, India.

M&A Experience in Renewables

• Advised Petroleum Nasional Berhad in its acquisition of Amplus Energy Solution Pte. Ltd which is the holding company for entire solar energy business including inter alia solar power projects (both rooftop and open access), EPC and O&M business etc.
• Assisted a Swiss multinational corporation on its potential acquisition of minority stake in SkyPower (at the global level).
• Advised Tata Power Renewable Energy Limited (a wholly owned subsidiary of Tata Power Company Limited)- in respect of the acquisition of 100% equity stake in the Indo Rama Renewables Jath Limited, being the Project SPV of 100 MW wind energy power plant based in Jath, Maharashtra. in the amalgamation of Indo Rama Renewables Jath Limited with it in accordance with the provisions of the Companies Act, 2013.
• Assisted Penn Energy Renewables, LTD, in the potential acquisition of Lanco Solar’s 35 MW solar project in Rajasthan, comprising of seven 5 MW projects owned by seven different subsidiaries of Lanco.
• Acted for and advised Green Village Ventures Private Limited as well as the Investors- Gdf Suez Rassembleurs D’energies, Grameen Credit Agricole Microfinance Foundation and the Promoter of GVV in relation to their investment into GVV. acquisition of an SPV owning and operating a 35 MW open access solar project in Karnataka from a development platform of an international module manufacturer. acquisition of 2 SPVs owning and operating various solar projects in Karnataka and Punjab from SUN Renewables.
• Advised an Indian energy and infrastructure major in connection with their proposed joint venture with a Chinese solar photovoltaic manufacturer for the purposes of setting up an integrated solar cell and module manufacturing facility in India.
• Advised I-Squared Capital in relation to due diligence of two solar power projects located in Gujarat and Rajasthan from T-Solar as a part of a global level acquisition of T-Solar.
• Advised IFU (Investment Fund for Developing Countries) and United Nations Office for Project Services (UNOPS)- in relation to their minority equity investment in an SPV developing a 250 MW solar power project in Rajasthan with ACME. in relation to USD 35 Million investment in CleanMax.
• Advised a large European energy major with respect to potential acquisition of equity stakes in certain companies engaged in generation of solar power in various states in India.
• Advised Ib-Vogts in relation to sale of a 300 MW solar power project to a leading Indian IPP.
• Advised a French conglomerate and a Luxembourg based private equity fund in relation to: acquisition of a stake in a portfolio of solar power projects in Uttarakhand. acquisition of a stake in a solar power project in Madhya Pradesh.
• Advised Green Infra in relation to the purchase of British Petroleum’s Indian wind business, comprising of 3 projects with a total capacity of 100 MW.
• Advised Hero Future Energies in relation to its proposed acquisition of certain wind power assets in two states in India.
• Advised DLF Group in relation to sale of its wind farms located in four different states in India to BLP.
• Advised Engie in relation to its proposed joint venture arrangement with a leading Indian wind EPC contractor for development of green-field wind power projects in India.
• Advised ReNew Power in relation to acquisition of 2 operational wind power projects with a cumulative capacity of around 41 MW in Tamil Nadu and Karnataka;
• Advised DLF Group one of the largest Indian real estate groups in relation to hiving off and sale of its wind farms located in four different states in India.
• Advised Novatec Biosol a German company specializing in the manufacture and supply of inter alia solar steam generators for power stations, in relation to its bid for a proposed 125 MW grid interactive CSP solar thermal power plant in the State of Rajasthan.
• Advised Merrill Lynch in connection with investment in an Indian company which had been awarded certain small hydro power projects (less than 25 MW) to be developed on a ‘Build Own Operate and Transfer’ (BOOT) basis and in connection with the disposal of its stake in these projects.
• Advised Green Ventures in a strategic joint venture with the Essar Group in Mauritius for the purposes of investment into certain hydropower projects in Nepal.
• Advised Good Energies, Inc. and Wolfensohn & Company in relation to their investment in the preferred share capital of Kalpan Hydro Company.
• Advised Arcelor Mittal Nippon Steel India in relation to its proposed acquisition of the entire renewable energy portfolio of Sprng Energy aggerating ~2.1GW of operational assets.
• Advised Enfinity Global in relation to its proposed acquisition of the entire solar and wind power portfolio of Mytrah Energy aggerating ~2.3GW in 40 projects being operated pan-India by 17 SPVs.
• Advised Amplus in relation to- acquisition of a 100 MW solar project in Karnataka’s Pavagada Solar Park from Acme Solar. acquisition of entire solar roof-top portfolio of SunEdison in India with cumulative capacity of 7.5 MW. acquisition of entire solar roof-top portfolio of Sterling and Wilson in India with cumulative capacity of 9 MW. acquisition of two under construction solar power projects in the State of Rajasthan. proposed acquisition of projects being implemented by various developers under the Kusum Yojna Policy of Ministry of New and Renewable Energy, Government of India and Government of Rajasthan. sale and transfer of an SPV (BREPL) owning and operating a 35 MW open access solar project in Karnataka. proposed global investment in Terraform Global and its 15 project SPVs in India developing various wind and solar projects. sale of two 15 MW solar power projects in Telangana to Macquarie. a portfolio of 40 MW of solar assets in India from First Solar.
• Advised Sunsource Energy, its promoters and its existing shareholder – Neev Fund – in relation to primary and secondary transaction with SHV Energy N.V.
• Advised Fortum Holding B.V. in relation to its fund raise for its India subsidiaries owning solar project in various states in India.
• Advised Penn Energy Renewables, in relation to its potential acquisition of Lanco Solar’s 35 MW solar project in Rajasthan (comprising of 7x 5 MW solar projects owned by seven different SPVs).
• Advised AMP Energy in relation to- its acquisition of a 15 MW solar power project in Telangana from Suzlon. its acquisition of a 35 MW solar power project in Karnataka from Rays Infra.
• USD 65 Million initial equity fund raise from LGT and a USD 25 million follow-on funding round from LGT.
• USD 100 Million equity fund raise from Copenhagen Infrastructure Partners. setting up a joint venture with Core Infrastructure India Fund Pte. Limited and Sumitomo Mitsui Banking Corporation to develop solar power projects in India.
• Advised Moser Baer in relation to investments of USD 250 million from a consortium of investors consisted of CDC Group, GIC, Nomura, Credit Suisse, Morgan Stanley, IDFC Private Equity and IDFC.
• Advised Skypower Global in relation to proposed acquisition of two Indian companies engaged in generation of solar power in Rajasthan.
• Advised Kleiner Perkins Caufield & Byers and Sherpalo Ventures, in relation to Series A funding of Kotak Urja Private Limited, a manufacturer of solar powered equipment. its proposed sale of its renewable energy portfolio and pipeline in India to a Malaysian energy conglomerate, and setting up a joint development platform for renewable projects in India with a global PE fund.
• Advised Statkraft in relation to sale of its distributed solar business in India to Fourth Partner Energy.
• Advised UPC Renewables in relation to its acquisition of two SPVs developing 20 MW and 50 MW solar power project in Maharashtra from Suzlon.
• Advised EDF Energies Nouvelles in relation to- proposed 50:50 joint venture with ACME group of companies. joint venture in India with the SITAC Group for developing a portfolio of wind power projects. it’s exit from Batliboi Enxco Private Limited. acquisition of Enerson Energy Private Limited having operating solar assets in the state of Gujarat with total capacity of 20 MW. acquisition of 3 operational wind power projects with cumulative capacity of 103 MW in Andhra Pradesh from KC Thapar Group. acquisition an operational wind power project with a capacity of around 50 MW in Andhra Pradesh from Suzlon. acquisition of an operational 99 MW hydro power project in Uttarakhand from L&T.
• Advised a French power company on its potential participation in a windfarm platform joint venture in India including conducting due diligence on the wind projects in India.
• Advised a French state utility and a France based private equity fund in relation to a potential acquisition of a stake in 2 wind power projects of approximately 176 MW in the State of Karnataka.
• Advised Merrill Lynch in relation to investment in an Indian company which had been awarded certain small hydro power projects (less than 25 MW) to be developed on a ‘Build Own Operate and Transfer’ (BOOT) basis and in connection with the disposal of its stake in these projects.
• Advised Green Ventures in relation to a strategic joint venture with the Essar Group in Mauritius for the purposes of investment into certain hydropower projects in Nepal.
• Advised Good Energies, Inc. and Wolfensohn & Company in relation to- investment in the preferred share capital of Kalpan Hydro Company. investment of USD 200 Million in Kalpan Hydro Company.
• Advised Lanco Group in relation to a transaction involving its divestment of 100% stake in 70 MW Lanco Budhil Hydro Power Project in favour of Tejassarnika Hydro Energies Pvt. Ltd., a subsidiary of Greenko Energies.
• Advised a Korean multinational corporation with respect to their investment in a hydro power project located in Nepal, which would be exporting electricity to India.
• Advised Equis in relation to restructuring its investment and shareholder rights in DANS Consulting which owns two SPVs in India developing various hydropower projects in India, and on sale of DANS Consulting.

Hydrogen

• Assisted the SVL-SME Fund in its investment in Hygenco Green Energies Private Limited (Hygenco). This deal is, in all probability, the first private equity investment transaction in a green hydrogen business in India. Hygenco aims to deploy over USD 300 million (about INR 2,471 Crore) in green hydrogen projects across India in the next three years.
• Advised Renew Power Private Limited (RPPL) on the sale of its entire shareholding in Renew Solar Energy Private Limited (RSEPL) to Fourth Partner Energy Private Limited (FPE) for a consideration of approximately INR 650 Crore.
• Advised Renew Power for the formation of a Joint Venture (JV) company with Larsen & Toubro (L&T), India’s premier engineering & construction conglomerate to develop the nascent green hydrogen sector in India.

Bid Advisory Experience in Renewable Sector

• Advised Azure Power on its potential sale of various solar assets (through equity sale and asset sale) pursuant to a bid process.
• Advised an Indian conglomerate in a bid process for acquisition of 3 wind power projects in the State of Andhra Pradesh.
• Advised a global RE platform in its bid to acquire over 1.8 GW of operational renewable energy assets (comprising of wind and solar projects) in India.
• Advised Abengoa Solar S.A. on its bid to set up a solar power project under the Jawaharlal Nehru National Solar Mission in Rajasthan.
• Advised Amplus Energy Solutions on bid documents – for the development of a 3.5MW roof-top solar plant at HAL’s Bangalore airport. issued by the Solar Energy Corporation of India for selection of a developer for implementation of a Grid Connected Roof Top Solar PV System Scheme in different States in India on the roofs of CPWD buildings under RESCO model. issued by Delhi Metro Rail Corporation Limited for selection of a developer for implementation of a Roof Top Solar PV System at depots and metro stations of DMRC Limited. issued by Delhi Metro Rail Corporation Limited (on behalf of Kochi Metro Rail Limited) for selection of a developer for implementation of a Roof Top Solar PV System at depots and metro stations of KMRL. issued by Airports Authority of India for the implementation of a Solar Photo Voltaic Project under RESCO model at the Civil Air Terminal, Chandigarh (Village Thurheri, Mohali Punjab). issued by Rajasthan Renewable Energy Corporation (RREC) for setting up a canal top 2MW Solar PV project in Rajasthan.
• Advised Canadian Solar Inc. in relation to bid documents issued by NTPC and SECI for selection of a developer for solar projects in Rajasthan, Karnataka, and Gujarat.
• Advised Sitac Management Development Private Limited, a joint venture company of the Sitac Group promoted by Mr. Malvinder Singh and EDF EN India Wind SAS, in relation to bidding for wind power projects in India.
• Advised GMR Energy Limited in relation to bidding for 1000–1300 MW Thermal Power Project, Jhajjar, Haryana. Advised the client on the bidding process and reviewed and commented on the various project documents and participated in pre-bid conferences.
• Advised a large multinational construction company in connection with the bidding for the construction contract for a 1000 MW hydel project in the state of Jammu and Kashmir.
• Advised a leading Indian infrastructure company in bidding for the proposed 450 MW combined cycle power plant at Sirajgunj, Bangladesh to be set up on BOT basis.
• Advised Skypower in connection with the bidding for solar power projects on a Competitive basis in the States of Madhya Pradesh, Telangana, Andhra Pradesh, Maharashtra, and Karnataka under the different phases of the National Solar Mission as well as various state policy bids.
• Advised IndusInd Bank Limited in relation to a project financing facility aggregating to approximately INR 690.71 Crore for ReNew Akshay Urja Private Limited (part of the ReNew Power group), for the purposes of setting up two solar power projects with an aggregate capacity of 124 MW, at Mehabubnagar and Medak districts in the state of Telangana, allotted under a competitive bidding conducted by government of Telangana.

Data Centre

• Advised IREDA in relation to the financial assistances aggregating to INR 13.82 Billion provided to 5 project companies subsidiaries of Vector Green Energy Private Limited involved refinancing of 9 separate solar power projects set up in Punjab and Telangana.
• Acted for IREDA’s INR 268 Crore financial assistance to Blu-Smart Mobility – the first deal under IREDA’s scheme, to finance new and emerging technologies that promote and increase the usage of renewable energy in the transport sector.
• Advised NIIF Infrastructure Finance Limited and India Infradebt Limited in connection with the proposed additional takeout and top-up financial assistance aggregating up to INR 1.79 Billion to Amplus KN Solar Private Limited, a subsidiary of Amplus Energy Solutions Pte. Ltd, Singapore.
• Acted as the lender’s legal counsel in relation to the financial assistance for the development and construction of a 300 MW (AC) Solar PV project in the State of Rajasthan for facilities proposed to be made available by lenders led by Coöperatieve Rabobank U.A., Mumbai Branch to ReNew Solar Urja Private Limited.
• Advised RBL Bank Limited (RBL) in connection with the proposed financial assistance aggregating up to INR 240 Million to Amp Energy Distributed Generation One Private Limited, an Amp Energy group company that develops flexible and clean energy infrastructure in India.
• Advised IREDA in connection with the proposed financial assistance aggregating up to INR 7410 Million to Morjar Windfarm Development Private Limited, a step-down subsidiary of Continuum Green Energy Limited, Singapore, for part financing the estimated cost of setting up and implementing a 148.50 MW wind power plant at Kutch, Gujarat, India and for part repayment of the loans brought in by the promoter/sponsor companies of the Borrower.
• Advised State Bank of India in connection with the financial assistance aggregating up to INR 969.87 Crores to Renew Solar Power Private Limited, a subsidiary of Renew Power Private Limited, for refinancing existing term loans and the non-fund based facility from its existing lenders in relation to a 250 MW AC solar power project at Bikaner in the state of Rajasthan.
• Advised Yes Bank in relation to financial assistance made available to Greenko Energies Private Limited for the purposes of the part financing of the construction, operation and maintenance of a 1200 MW pumped storage plant and central evacuation infrastructure which is part of the Integrated Renewable Energy Projects (IREP) of gross capacity 5,750 MW located at Pinnapuram, Kurnool District, Andhra Pradesh for an amount of USD 800 Million.
• Advised a consortium of non-banking finance companies consisting of KKR India Financial Services Private Limited, Tata Capital Financial Services Limited and Aditya Birla Finance Limited in relation to the financing being provided by them for the setting up of two solar power projects in Rajasthan, India.
• Advised a consortium of lenders led by Coöperatieve Rabobank U.A., Mumbai Branch in relation to a facility made available by the consortium to Renew Solar Urja Private Limited, a 100% subsidiary of Renew Solar Power Private Limited, which in turn is a subsidiary of Renew Power Private Limited.
• Advising Fortum Holding B.V. on its fund raise commencing from conducting a vendor due diligence with respect to its India subsidiaries owning solar project in various states in India.
• Advised IndusInd Bank Limited in relation to a project financing facility aggregating to approximately INR 690.71 Crore underwritten by IndusInd Bank Limited, for ReNew Akshay Urja Private Limited (part of the ReNew Power group), for the purposes of setting up two solar power projects with an aggregate capacity of 124 MW, at Mehabubnagar and Medak districts in the state of Telangana, allotted under a competitive bidding conducted by government of Telangana.
• Advised L&T Infrastructure Finance Company Limited in relation to separate term loan facilities of an aggregate principal amount not exceeding INR 236 Crore provided by it to two special purpose vehicles set up by the Indian subsidiary of Solairedirect SAS, a France based solar-energy major, for developing and implementing two 25 MW solar power projects in the state of Punjab.
• Advised Rajasthan Sun Technique Energy Private Limited, a subsidiary of Reliance Power Limited, in relation to the ECB and Rupee financing being availed by them for designing, building, operating and maintaining the 100 MW concentrating solar generation power plant, located in Pokharan Tehsil, Jaisalmer District, Rajasthan.
• Acted as lenders’ legal counsel in relation to the part financing of construction, development and setting up of a greenfield facility for manufacturing of multi-crystalline solar photovoltaic cells having an installed capacity of 60 MW, fabrication of multi-crystalline silicon wafers with an annual installed capacity of 125 MW using solar grade silicon, at village Rajewadi, Taluka Khandala, District Satara, Maharashtra by Birla Surya.
• Advised as the lenders’ legal counsel, on the financing of a 21 MW wind power plant set up at Dhalgaon and Vankusawade districts, both in the state of Maharashtra.
• Represented on a syndicated secured underwritten term facility to Shiga Energy Private Limited for the construction and development of a 97 MW Tashiding HEP Hydro Power Project located on Rathang Chu in the state of Sikkim.
• Advised Yes Bank Limited, as lenders legal counsel- in restructuring debt facilities of USD 80 Million of various SPVs of an infrastructure group involved in developing and running small renewable energy power projects. in relation to a term loan facility aggregating to approximately INR 160.10 Crore provided to Azure Power India Private Limited for the purpose of setting up a 30MW solar power project in the Durg and Bemetra districts in the state of Chhattisgarh. in relation to financial assistance availed by Green Infra Corporate Solar Limited, by way of term loan facilities (including sub-limit for letter of credit facility) and working capital facilities, aggregating to INR 112 Crore for setting up, developing and implementing 18 MW wind power project in the state of Gujarat and a 6 MW wind power project in the state of Madhya Pradesh. in relation to financing of by way of certain term loan facilities (including letter of credit facilities and buyer’s credit/ supplier’s credit facilities, each as sub-limit of the rupee term loan facility) aggregating to approximately INR 333.45 Crore, to ReNew Solar Energy (Karnataka) Private Limited in relation to certain financial assistance being provided to the developer for the construction and development of 20 MW (10 x 2 MW) wind power project at Jaisalmer, in the state of Rajasthan. in relation to the financial assistance to LNJ Power Ventures Ltd, a company promoted by the LNJ Bhilwara Group, for the construction and development of a 20 MW (10 x 2 MW) wind power project at Jaisalmer in the state of Rajasthan. in relation to term loan facilities aggregating to approximately USD 42.8 Million provided to ReNew Wind Energy (Karnataka) Private Limited, for setting up of a wind power generation project, with a capacity of approximately 50.4 MW, being implemented at Tadas, Haveri District, Karnataka. in relation to term loan facilities aggregating to USD 84.8 Million (including letter of credit facilities of upto USD 37 million, as a sub limit of the term loan facilities) provided to ReNew Wind Energy (Jath) Private Limited, for setting up of a wind power generation project, with a capacity of approximately 84.65 MW, being implemented at Jath, Sangli District in the state of Maharashtra. in relation to a syndicated facility provided to ReNew Power Ventures Private Limited. The transaction involved raising of rupee facilities by the borrower and revolving working capital facilities in connection with developing, implementing and setting up of a 51 MW wind power project in the state of Rajasthan.
• Acted as the Indian legal counsel to HSBC Securities (USA) Inc. and Roth Capital Partners LLC in connection with the offer of up to an aggregate of 15,828,917 new equity shares at par value USD 0.000625 per equity share on a rights basis by Azure Power Global Limited.
• Advised Petronas in the acquisition of 100% shareholding of Amplus from ISQ Asia Aggregator Pte. Ltd. [ISQ] through Petronas’ Dutch subsidiary, Petronas International Power Corporation B.V. The deal marks Petronas’ international foray into renewable energy and represents a significant step in Petronas’ intent to grow in the renewable energy business as part of its strategy to step in the new energy business.
• Assisted Penn Energy Renewables, LTD, in the potential acquisition of Lanco Solar’s 35 MW solar project in Rajasthan, comprising of seven 5 MW projects owned by seven different subsidiaries of Lanco.
• Acted for Neev Fund, an infrastructure private equity fund, backed by State Bank of India (SBI) and UK’s Department for International Development (DIFID), in connection with its investment into Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL).
• Advised Neev Fund on their investment in Chakr Innovation – a leading Climate Tech company combating air pollution.
• Advised Investment Fund for Developing Countries (IFU) through DSDG Holding ApS. in its acquisition up to 9.9% share capital of Clean Max Enviro Energy Solutions Private Limited which, by itself and through its subsidiaries, is inter alia engaged in project services relating to solar power and other renewable/clean sources, including customer acquisition, site selection, technical and regulatory evaluation, land acquisition and project development.
• Assisted Amplus Solar Power Private Limited with its intention to enter the residential rooftop solar power development market.
• Assisted UPC Renewable (through its SPV, Masaya Solar) on its 300 MW solar power project in Madhya Pradesh.
• Advised Hodson Renewables on developing solar rooftop power projects in India and on the project finance facility to be availed by it from Global Climate Partnership Fund S.A., SICAV-SIF.
• Assisted DriveNets Limited negotiate the contract with Tata Communications Limited, and issued advisory on various telecom related compliances.
• Assisted Carlyle Group in its acquisition of India’s largest data centre operator – Nxtra Data Limited.