Shardul Amarchand Mangaldas & Co. (SAM) acted as legal counsel to Aseem Infrastructure Finance Limited (“AIFL”) in relation to a secured project financing extended to Opera Greenyana Private Limited for the development of a 15 MW / 60 MWh standalone Battery Energy Storage System (BESS) project at Mulleria, Kerala.
The financing, aggregating approximately INR 70.20 crore, comprises facilities in the nature of a rupee term loan and letter of comfort. The proceeds will be utilised towards part financing the project cost associated with the development and implementation of the battery energy storage facility.
The project is expected to support grid stability and energy management objectives while contributing to the growth of utility-scale energy storage capacity in India.
A notable feature of the financing structure is the integration of viability gap funding support, with all viability gap funding tranches received by the borrower being mandatorily applied towards prepayment of the rupee term loan facility. The financing framework also incorporates a tailored covenant and reserve architecture designed to address the operational and lifecycle considerations unique to battery energy storage assets.
SAM’s transaction team was led by Anurag Dwivedi, Partner, with support from Prince Singh, Principal Associate; Rishabh Bajaj, Senior Associate; Pranay Bhattacharya, Associate; and Agrima Aron, Associate.
