Power

Representative Matters

• 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
• ReNew Power: Advised on its INR 985 Crore acquisition of Singoli-Bhatwari Hydroelectric Project – a 99 MW commissioned hydro power project in Uttarakhand, which was developed, owned and operated by L&T Uttaranchal Hydropower Limited through 100% acquisition of the company from L&T Power Development Limited and Larsen and Toubro Limited.
• GMR Bajoli Holi Hydropower Private Limited: Advised a GMR Group entity in relation to 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.
• Merrill Lynch: Advised 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. Also advised Bank of America Merrill Lynch in connection with the disposal of its stake in these projects.
• Green Ventures: Advised in a strategic joint venture with the Essar Group in Mauritius for the purposes of investment into certain hydropower projects in Nepal. The Firm was involved in structuring, negotiating and closing the transaction including drafting of the transaction documents particularly the share subscription agreements, shareholders’ agreements, assignment and other agreements for restructuring of the group entities. The deal value amounted to approximately USD 60 Million.
• Good Energies, Inc. and Wolfensohn & Company: Advised in relation to their investment of approximately USD 20 Million in the preferred share capital of Kalpan Hydro Company, a Mauritian holding subcontinent.
• Lanco Group: Advised on 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.
• Advising one of the largest Korean corporations with respect to their investment in a hydro power project located in Nepal which would be exporting electricity to India.
• IFCI Limited: Represented on a USD 104 million syndicated secured underwritten term facility (with a take and hold commitment of IFCI Limited being INR 500 million) 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.
• Acted as Lenders’ Legal Counsel to in relation to the financing made available to Renew Jal Urja Private Limited for an amount of INR 750 Crores for the purpose of financing the 99 MW (3 nos. x 33 MW) run of river operational hydro project located near Singoli village, Rudraprayag District in the state of Uttarakhand.
• Advised in connection with financial assistance sanctioned to Sri Avantika Power Projects Private Limited (“Borrower”) aggregating up to INR 1155.00 Million inter-alia for refinancing the existing lenders of its 18 MW ‘Sapthadharo Small Hydro Project’ near Bakuli Village, Boiparguda Taluka, Koraput and Malkangiri District of Odisha (“Project”).
• Advised Ayana Renewable Power Private Limited on its acquisition of a:
• 250 MWAC commissioned solar photovoltaic power project in Rajasthan through 100% acquisition of the equity shares of the special purpose vehicle (i.e. Acme Chittorgarh Solar Energy Private Limited) from Acme Solar Holdings Private Limited.
• 50 MWAC (69.94 MWp) commissioned photovoltaic power project in Rajasthan through 100% acquisition of the equity shares of the special purpose vehicle (i.e. Phelan Energy India RJ Private Limited) from Phelan Energy Group Limited (Mauritius).
• Assisted Terraform Global India Private Limited (TGIPL), which is an Indian outfit of Brookfield Renewable Partners, a leading Canadian fund expanding operations in renewable energy space, in their various renewable energy projects undertaken in India.
• Advised METKA EGN Ltd., a world-class EPC and O&M contractor for solar photovoltaic and energy storage projects, on its India-entry strategy related to grid-connected, C&I, rooftop solar power projects.
• Investment Fund for Developing Countries (IFU) through DSDG Holding ApS.: Advised 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 Kosmo One Business Park Limited, a special purpose vehicle of Nucleus Office Parks (Blackstone Group), in the finalisation of transaction structure (due to certain internal compliance issues) for the procurement of power by it on open access basis.
• Amplus Solar Power Private Limited: Assisted with its intention to enter the residential rooftop solar power development market. The team provided advice on finalisation of the structure and franchise model.
• UPC Renewable (through its SPV, Masaya Solar): Assisted on its 300 MW solar power project in Madhya Pradesh, and reviewed, commented, and negotiated the Term-Sheets for the Project with the selected EPC Contractor and assisted UPC in negotiating and ffinalizingthe EPC Contracts, O&M Contracts, Transmission Agreement, and the Module Supply Agreements (MSAs).
• Azure Power Global Limited: Assisted in conducting a limited legal due diligence on the Indian subsidiaries of Azure Power Global Limited implementing solar projects across India with an asset base of over 7.4 GW (i.e., 2.5 GW of operational capacity and 4.9 GW of capacity under construction).
• Petroleum Nasional Berhad: Advised 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 acquisition of minority stake in SkyPower (at the global level) including conducting legal due diligence on 7 solar power projects of SkyPower in India.
• Penn Energy Renewables, LTD: Assisted 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. The firm provided legal services in relation to due diligence and general advisory on the transaction.
• Hodson Renewables: Advised on developing solar rooftop power projects in India including the drafting, negotiation and finalization of PPA with industrial consumers, drafting of and negotiation of Engineering Procurement and Construction Agreement, Operation and Maintenance Agreements for the rooftop projects. Further, assisted and advised on the project finance facility to be availed by it from Global Climate Partnership Fund S.A., SICAV-SIF.
• Advised DLF Group in relation to hiving off and sale of its wind farms located in four different states in India.
• Advised in their proposed 50:50 joint venture with ACME group of companies (engaged in the business of solar power generation).
• Advised in connection with drafting of, and negotiations on the EPC contract and O&M contract in relation to its wind farm of approx. 142 MW (expandable upto 320 MW) to be set up in the state of Gujarat.
• EDF Energies Nouvelles S.A.: Advised & Assisted in relation to its proposed joint venture in India with the Sitac Group promoted by Mr. Malvinder Singh, for developing a portfolio of wind power projects in excess of 125 MW.
• Sitac Management Development Private Limited: 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.
• Green Infra Limited: Advised Green Infra Limited on the purchase of British Petroleum’s (“BP”) Indian wind business. BP held three wind farms in India with a total capacity of 100 MW. The deal was valued at USD 95 million.
• Ministry of Commerce, Government of India: Advised in relation to the domestic content requirement under the Jawaharlal Nehru National Solar Mission (“JNNSM”) and solar policies of different states in India. The scope of work included extensive review of solar policies, incentives and schemes for setting up solar power plants.
• Moser Baer Clean Energy Limited: Advised in relation to setting up of projects under the Gujarat Solar Policy. The scope of work included advising in relation to the terms and conditions of setting up solar projects under Phases I and II of the Gujarat Solar Policy and advising in relation to agreements proposed to be entered with respect to the awarded solar projects, including EPC contracts, technical assistance and possible financial investment.
• Advised in relation to a Power Purchase Agreement proposed to be entered into with Gujarat Urja Vikas Nigam Limited (“GUVNL”) for setting up of a solar energy based power project in the state of Gujarat.
• Advised in relation to investments to the tune of USD 250 million, in different tranches by a consortium of investors in Moser Baer Group companies engaged in the thin films and photo voltaic cell business for solar power projects. The consortium consisted of – CDC Group, GIC, Nomura, Credit Suisse, Morgan Stanley, IDFC Private Equity and IDFC.
• Novatec Biosol: Advised 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.
• Orange Uravakonda Wind Power Private Limited: Advised in relation to the development of a 100.8 MW wind power project in Andhra Pradesh. The firm was involved in the drafting of and negotiations on the supply agreements, erection and commissioning agreement, power evacuation user agreements, land agreements, O&M contracts and advising on related Indian law aspects.
• Powerica Limited: Advised in relation to the development of a 16 MW wind farm in the State of Tamil Nadu.
• Rajasthan Sun Technique Energy Private Limited: Advised 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.
• ReNew Power Ventures Private Limited: Advised in relation to the development of 3 wind power projects across the states of Madhya Pradesh and Andhra Pradesh. The firm was involved in the drafting and negotiation of the supply agreements, erection and commissioning agreement, power evacuation user agreements, land agreements, O&M contracts and advising on related Indian law aspects.
• REPower Systems AG: Advised erstwhile, a German wind turbine producer, which is an affiliate of Suzlon, on certain SEZ related issues and issues related to certain contemplated supply agreements for supply to India.
• Skypower Global: Advised in relation to its proposed acquisition of stakes in two Indian companies engaged in the solar energy sector in the State of Rajasthan.
• Advised in relation to inter alia supply agreements for WTGs, and various aspects related to its agreements with customers in India.
• Advised in relation to the proposed supply, erection and commissioning of wind turbine generators, for Bharat Light and Power. The scope of work involved drafting of the transaction documentation and negotiations with the counterparty.
• Korean Western Power Company: Advised Korean Western Power Co, a subsidiary of South Korea’s power giant KEPCO, in relation to its acquisition of 22.7% of Pioneer Gas Power Limited (the shareholding eventually going upto 40%), an SPV implementing a 388 MW gas based power plant in Raigad, Maharashtra, having an estimated project cost of USD 250 million. Conducted due diligence on the project company, and shared drafting and negotiating roles with Baker Mckenzie, Hong Kong for all transaction documents, and oversaw the closing process.
• Acted for Kleiner Perkins Caufield & Byers and Sherpalo Ventures, both prominent Silicon Valley based venture capital firms in Series A funding of Kotak Urja Private Limited. Kotak Urja is a manufacturer of solar powered equipments.
• Baring Private Equity: Advised in connection with acquisition of a minority stake in Cethar Vessels Ltd, a company engaged in the business of manufacture of boilers and manufacture, supply, erection and commissioning of power plants on an EPC basis.
• Bhilai Electricity Supply Company Pvt. Ltd.: Acted in connection with financing (aggregating INR 24460.8 million) of its coal based expansion project in Chhattisgarh.
• Blackstone Capital Partners: Advised in connection with a proposed investment in a company developing power projects in India. The scope of work included review of all project related documents including financing documents for conducting due diligence on the company.
• GMR Energy Limited: Advised in 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.
• GMR Kamalanga Energy Limited: Advised in relation to project finance for the development of a 1050 MW coal based power plant on Orissa.
• Advised in procuring the inter-state trading license from the Central Electricity Regulatory Commission. The Firm also advised for its purchase and selling arrangements for the proposed inter-state power trading business. The Firm prepared the risk matrix and advised on the payment mechanisms and the relevant credit risks associated with it.
• Advised in bidding for a scheme for the strengthening of Western Region Transmission network. The Firm reviewed and advised in relation to the bidding documents, including Request for Proposal as well as the Transmission Services Provider Agreement, Buyout Agreement, EPC Contract.
• Advised in relation to equity investment in a special purpose vehicle set up for implementation of 1600 MW thermal power project in the State of Orissa. The Firm also assisted in the drafting and negotiation of the EPC contracts and amendments thereto. Also advised the project sponsor on the long term debt financing for the project.
• KazStroy group: Advised in relation to proposed acquisition of minority stake in a company setting up gas based power plant in the State of Uttarakhand.
• LN Mittal Group: Advised the private equity arm of LN Mittal Group regarding the investment in Indiabulls Power, an Indiabulls group promoted company to set up power plants across the country.
• Merrill Lynch Commodities: Advised with respect to proposed acquisition of a minority stake in a 600 MW coal based thermal power plant and conducted extensive due diligence on the project company. The Firm was involved in Reviewing and commenting on various project documents including the Implementation Agreement with the State Government and the draft Power Purchase Agreement. Advised Vemagiri Power Generation Limited in relation to the development of a gas based power project set up at Vemagiri, Andhra Pradesh, on a BOOT basis.
• Moser Baer Projects Private Limited: Advised in a USD 300 million investment by Blackstone Capital Partners in a company which had investments in multiple power projects. This has been hailed as one of the largest investments by a single private equity investor in the power sector.
• Moser Baer: Advised in relation to an MoU and IA to be entered into with the Government of Madhya Pradesh in relation to 1200 MW power plant to be set up in Madhya Pradesh. The Firm also advised in relation to the power purchase agreement to be entered into between the project company and the MPP Tradeco.
• Petronas: Advised in relation to proposed investment in a gas based generating station proposed to be set up in the State of Maharashtra.
• Planning Commission: Advised in relation to drafting of a Model Transmission Agreement for development of public private partnerships in transmission projects.
• Planning Commission: Advised on the model RFP, RFQ, and PPA for Case-2 power projects (where site and fuel allocation is identified).
• Shapoorji Pallonji: Advised in connection with a power purchase arrangement (800 MW entered into with GUVNL for procurement of power by GUVNL on a long term basis from the 1320 MW power project being set up at Junagarh, Gujarat.
• Tata Power Advised in relation to the O&M agreements for 2400 MW Power Plant and 80 MW captive power station with the owners of the power stations.
• Advised the Government of India through National Council for Applied Economic Research (NCAER), India’s premier economic research institution, on the various drafts of the Electricity Bill (now, The Electricity Act, 2003) and suggested modifications thereto.
• Conducted due diligence on a member of Power Exchange India Limited and Indian Energy Exchange Limited, which inter alia involved reviewing membership certificates and purchase order for providing consultation services.
• Japan Bank for International Cooperation (JBIC): multiple matters relating to regulatory issues relating to power generation, distribution and transmission in several Indian states.
• Advised and represented a GMR group entity before the CERC in connection for the procurement an inter-state trade license.
• Advising and representing Ind-Bharath Energies of Maharashtra in relation to interpretation of its PPA provisions before the Hon’ble Appellate Tribunal.
• Advising and representing a captive generating entity of Hindalco Industries Limited before the Hon’ble Appellate Tribunal in a matter pertaining to determination of wheeling charges for transmission of power.
• Advising and representing Jamshedpur Utilities and Services Company Ltd before the Appellate Tribunal for Electricity on the scope of the Hon’ble Tribunal’s Appellate powers in respect of an order rejecting a review Regulatory Commission for adjudication of certain disputes with Punjab State Power Corporation Limited.
• 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.
• Advised Talwandi Sabo Power Limited in connection with filing of a petition in Punjab State Electricity Regulatory Commission.
• Advising and representing Tata Power Delhi Distribution Limited before the DERC in relation to disputes between Gencos as well as Transco in terms of the PPA and transmission agreements.
• Advising and representing Tata Power Delhi Distribution Limited in relation to compliance of renewable purchase obligations before the DERC
• Advising and representing Tata Power Delhi Distribution Limited before the DERC in relation to determination of Gas Turbine plant within its licensed area
• Advising and representing Tata Power Delhi Distribution Limited before the DERC in Section 142 matters.
• Advising and representing the Delhi Electricity Regulatory Commission in the Hon’ble Supreme Court and obtaining a stay on the order of the Hon’ble Appellate Tribunal.
• Advising and representing the Delhi Electricity Regulatory Commission before the Hon’ble High Court in N.K. Garg vs. GoNCTD & Ors. pertaining to the scope and powers of the Government under Section 108 of the Electricity Act.
• Advising and representing Vemagiri Power Generation Limited, a GMR Group entity in a matter before the Hon’ble Appellate Tribunal in a matter pertaining to revision of the PPA document by the A.P. Government in coordination with the APERC and setting aside the same.
• Advising the Gujarat Electricity Regulatory Commission in formulation of its Distribution and Transmission licenses, MYT Regulations, Consumer Grievance regulations and Open Access Regulations.
• Advising the Himachal Pradesh Electricity Regulatory Commission in drafting its model power purchase agreements.
• Advising and representing Tata Power Delhi Distribution Limited 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.
• Advising and representing Tata Power Delhi Distribution Limited before the Appellate Tribunal and CERC 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.
• Advising and representing Welspun Urja Gujarat (P) Limited, Green Infra Solar Energy Limited, Azure Power (Haryana) Private Limited and Palace Solar Energy (P) Limited before the GERC in a matter filed by distribution licensee pertaining to downward revision of tariff and reopening of PPAs consequent to the same before GERC, APTEL and Supreme Court.