Cyril Amarchand Mangaldas advised Sustainable Energy Infra Trust (“Borrower”), India’s largest renewable energy trust sponsored by 2726522 Ontario Limited and Mahindra Susten Private Limited (“Sponsors”), in availing a term loan facility for an aggregate principal amount of up to INR 3400 crores from Axis Bank Limited, Kotak Mahindra Bank Limited and India Infrastructure Finance Company Limited (“Lenders“) for the purposes of on-lending to 6 (six) special purpose vehicles (“SPVs“) of the Borrower.
The transaction,whichwas also the Borrower’s maiden debtfinancing transaction,involved financial assistance being availed at two levels, viz., the Borrower level (for on-lending to the SPVs) and the SPV level (for refinancing the existing liabilities of the SPVs), with documents being simultaneously negotiated and aligned for both levels.
CAM played crucial role for the Borrower in securing significant financing for growth, navigating complex regulations and coordinatingwith itsstock exchange listing,while also establishing security measures over assets of the SPVs.
The Project & Project Finance team of Cyril Amarchand Mangaldas advised on the transaction.
The transaction team was led by Subhojit Sadhu, Partner; with Gautam Saran, Principal Associate; Chahat Gupta, Associate; and Mansi Jain, Associate. Strategic inputs on the transaction were provided by Santosh Janakiram, Partner.
Other participants to the transaction included Axis Bank Limited, acted as lender; Kotak Mahindra Bank Limited, acted as lender; India InfrastructureFinance CompanyLimited, acted as lender; SustainableEnergy Infra Investment Managers Private Limited, acted as investment manager for borrower; Axis Trustee Services Limited, acted as trustee for borrower; Catalyst Trusteeship Limited, acted as agent for lender;
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About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises,financial institutions,private equity and venture capital funds,start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions,sectors and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
