Cyril Amarchand Mangaldas Advised Sustainable Energy Infra Trust
Cyril Amarchand Mangaldas advised Sustainable Energy Infra Trust (“Borrower”), India’s largest renewable energy trust sponsored by 2726522 Ontario Limited and Mahindra Susten Private Limited (“Sponsors”), in availing a term loan facility for an aggregate principal amount of up to INR 3400 crores from Axis Bank Limited, Kotak Mahindra Bank Limited and India Infrastructure Finance Company Limited (“Lenders”) for the purposes of on-lending to 6 (six) special purpose vehicles (“SPVs”) of the Borrower.
The transaction, which was also the Borrower’s maiden debt financing transaction, involved financial assistance being availed at two levels, viz., the Borrower level (for on-lending to the SPVs) and the SPV level (for refinancing the existing liabilities of the SPVs), with documents being simultaneously negotiated and aligned for both levels.
CAM played crucial role for the Borrower in securing significant financing for growth, navigating complex regulations and coordinating with its stock exchange listing, while also establishing security measures over assets of the SPVs.
The Project & Project Finance team of Cyril Amarchand Mangaldas advised on the transaction.
The transaction team was led by Subhojit Sadhu, Partner; with Gautam Saran, Principal Associate; Chahat Gupta, Associate; and Mansi Jain, Associate. Strategic inputs on the transaction were provided by Santosh Janakiram, Partner.
Other participants to the transaction included Axis Bank Limited, acted as lender; Kotak Mahindra Bank Limited, acted as lender; India Infrastructure Finance Company Limited, acted as lender; Sustainable Energy Infra Investment Managers Private Limited, acted as investment manager for borrower; Axis Trustee Services Limited, acted as trustee for borrower; Catalyst Trusteeship Limited, acted as agent for lender;