Cyril Amarchand Mangaldas Advised the Consortium of Lenders Led by Deutsche Bank AG and MUFG Bank on Financing for JSW Neo Energy Limited
The leading Indian law firm Cyril Amarchand Mangaldas advised a consortium of lenders led by Deutsche Bank AG and MUFG Bank on:
- (i) An external commercial borrowing of up to USD 675 million (ECB Facility) extended to JSW Neo Energy Limited (JSW Neo); and
- (ii) A hedge facility of up to USD 675 million (Hedge Facility) from Deutsche Bank AG, MUFG Bank, and Standard Chartered Bank.
The facilities were utilised by JSW Neo to part finance the acquisition of a 4.7 GW renewable energy platform of O2 Power Pooling Pte. Ltd., a platform jointly established by EQT and Temasek. This marks the largest renewable energy acquisition by JSW Energy to date.
This transaction is one of its kind to leverage an ECB Facility to fund the acquisition of a large-scale renewable energy platform in India. Cyril Amarchand Mangaldas advised the ECB lenders and hedge counterparties on the applicable legal framework (including RBI guidelines on overseas investment) for such acquisition finance and played a pivotal role in structuring the collateral package and the turnover-related provisions under the Inter-Creditor Agreement.
The Cyril Amarchand Mangaldas team was led by Ramanuj Kumar (Partner & Co-Head, Projects – Energy & Energy Transition), with support from Shrey Srivastava (Principal Associate) and Snehil Ajmera (Associate). Jian Johnson (Partner), with support from Abha Mehta (Principal Associate), advised the hedge counterparties in finalising the hedge documents and the Inter-Creditor Agreement.
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