Cyril Amarchand Mangaldas (CAM) and JSA advised parties involved in securing a INR2.7 billion (USD29 million) term loan for Clean Max Enviro Energy Solutions.
JSA advised Clean Max Enviro Energy on a rupee term loan from the Hongkong and Shanghai Banking Corporation (HSBC), including a letter of credit facility as a sub-limit.
“This was one of the few deals involving the financing of a VPPA [virtual power purchase agreement] and hence had its own complexities,” said Karan Mitroo, lead partner for JSA.
“The clarity of thought of the Clean Max team and the lenders enabled a smooth and swift closure of the deal.”
The loan is being used for the development of a greenfield 66MW AC/99MW DC solar power plant in the northwestern state of Rajasthan.
The transaction team comprised partners Mitroo and Kartikeya Dubey.
Cyril Amarchand Mangaldas represented HSBC.
