Cyril Amarchand Mangaldas advised HDFC Bank Limited on credit facilities to Hazel Hybren Private Limited for solar power project
The leading law firm in India, Cyril Amarchand Mangaldas acted as lenders’ legal counsel and advised HDFC Bank Limited in connection with the grant of credit facilities to Hazel Hybren Private Limited.
Cyril Amarchand Mangaldas advised HDFC Bank Limited (Lender) in connection with the grant of credit facilities comprising a rupee term loan facility of INR 1,025 crore and a letter of credit sub-limit of INR 620 crore to Hazel Hybren Private Limited (Borrower). The facilities have been extended for the purpose of part-financing the development of a 300 MWAC / 420 MWp solar power project located at Chhatargarh Tehsil, Bikaner District, Rajasthan, India.
The project is backed by a power purchase agreement with NHPC Limited as the offtaker. The estimated project cost stands at INR 1,374.46 crore, funded through the facilities of INR 1,025 crore and a promoter contribution of INR 349.46 crore by the sponsor, Mahindra Susten Private Limited.
The firm conducted legal due diligence on the project and assisted in drafting, negotiating and finalising the financing documents, including the Common Loan Agreement, Lenders’ Agent Agreement, Security Trustee Agreement, Promoter’s Undertaking, Deed of Hypothecation, Share Pledge Agreement and Escrow Account Agreement.
The Cyril Amarchand Mangaldas transaction team was led by Uday Khare (Partner), with assistance from Angira Chakraborty (Principal Associate), Pranav Trikha (Associate) and Vanshika Srivastava (Associate).
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