Cyril Amarchand Mangaldas acted as counsel for Adani Power Limited in relation to the establishment of a joint venture with Druk Green Power Corporation Limited
The leading law firm in India, Cyril Amarchand Mangaldas advised Adani Power Limited (“APL”) on the establishment of a joint venture (“Project Company”) with Druk Green Power Corporation Limited (“DGPC”), Bhutan’s state-owned generation utility, for setting up the 570 MW Wangchhu hydroelectric project in Bhutan on a Build, Own, Operate, Transfer (BOOT) model. APL and DGPC will hold 49% and 51% stakes in the Project Company respectively.
The Firm advised APL on the review, negotiations, and finalisation of: (a) the investment cum shareholders agreement; (b) the concession agreement for the Project to be executed with the Royal Government of Bhutan; and (c) the term sheet indicating the in-principle understanding on the Power Purchase Agreement.
The transaction documents were signed in the presence of the Hon’ble Prime Minister of Bhutan, Dasho Tshering Tobgay, and Mr. Gautam Adani, Chairman, Adani Group. The Project is the first hydroelectric project to be undertaken under the memorandum of understanding between the Adani Group and DGPC to jointly develop 5,000 MW of hydropower in Bhutan.
The Cyril Amarchand Mangaldas team was led by Subhalakshmi Naskar (Partner, Co-Head – Projects (Infrastructure)) and Surya Sreenivasan (Partner), with support from Viraj Gami (Principal Associate) and Tanuj Agarwal (Associate).
The Project and Project Finance team comprised of Surya Sreenivasan (Partner), Aniket Singhania (Partner), Medha Rao (Principal Associate), and Harsh Jain (Associate).
Paridhi Adani (Partner, Head – Ahmedabad) provided strategic inputs on the transaction.
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