Cyril Amarchand Mangaldas acted as the lenders’ legal counsel to a consortium of twelve banks, led by Standard Chartered Bank, Société Générale, Sumitomo Mitsui Banking Corporation (SMBC) and Bank of America, in connection with a USD and JPY equivalent of INR 68.5 billion (USD 730 million) refinancing facility extended to ReNew Surya Roshni Private Limited in relation to 320 MW Round-the-Clock (RTC) hybrid renewable energy project comprising wind, solar and battery energy storage assets located across the States of Rajasthan, Maharashtra and Karnataka, India.
The transaction is one of the largest project financing transactions undertaken under India’s revamped External Commercial Borrowing (ECB) regime, underscoring continued foreign banks appetite for large-scale renewable energy infrastructure and innovative financing structures in the sector.
The transaction was led by Santosh Janakiram, Senior Partner; Subhojit Sadhu, Partner (Finance & Infrastructure) and Director (CAM Middle East); and Gautam Saran, Partner; with assistance from Anshuman Roy, Principal Associate; Harita Rao, Consultant; and Kriti Chaturvedi and Tanish Gupta, Associates.
Jian Johnson, Partner, with assistance from Kruttika Lokesh and Ryan Joseph, Associates, advised the lenders on the foreign currency hedging arrangements.
Vishal Binod, Partner, advised on the regulatory aspects of the transaction.
