Cyril Amarchand Mangaldas advised Indian Renewable Energy Development Agency Limited (IREDA) on financing facility of upto INR 129.42 crore extended to Lone Cypress Ventures Private Limited (Lone Cypress) for development of solar photovoltaic power project in state of Uttar Pradesh, India. This project of Lone Cypress will be having a capacity of 30 MW/45 MWp and is being set up under a group captive model.
The Project and Project Finance Practice of Cyril Amarchand Mangaldas advised IREDA on the transaction. The scope of work included conducting of due diligence on Lone Cypress for the purposes of identifying the consent requirement for the transaction and advising IREDA with respect to group captive project requirements. The transaction team was led by Yash Jain, Partner; With support from Madhur Verma, Principal Associate; and Janani Chandrasekaran, Associate.
The transaction was signed on 13th January 2023; and the closing for the transaction is expected within this financial year on 31st March 2023.
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. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. 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 2021.
