Cyril Amarchand Mangaldass (“CAM”) advised Inox Clean Energy Limited (“Buyer”) and SkyPower Group including CIM Infrastructure Fund, LP (“Seller”) in relation to the sale of 100% of the shareholding in SkyPower Services MENA Ltd. (“SkyPower MENA”) to the Buyer. CAM team also represented the Buyer in relation to its joint venture with RJ Corp to foray into the African market through an equal JV. The African portfolio is being acquired by the JV through the acquisition of the entire shareholding of SkyPower MENA. SkyPower MENA is in the process of implementing solar projects in the Democratic Republic of Congo, Zambia and Zimbabwe aggregating to a capacity of 2.5 GW. In the first phase, the joint venture aims to commission 570 MW of renewable energy capacity. The projects form part of a multi-gigawatt pipeline and are supported by sovereign backed power purchase agreements. The Buyer is targeting 2.5 GW of renewable energy capacity in Africa by financial year 2029.
For the Buyer, the deal team was led by Ajay Sawhney, Partner (Head – Northern Region); Rachika A. Sahay, Partner; with assistance from Siddhant Satapathy, Principal Associate; Mrinal Mishra, Senior Associate; and Govind Sharma, Associate.
For the Seller, the deal team was led by Ramanuj Kumar, Partner (Co-Head – Projects (Energy & Energy Transition)); Aiswarja Mohanty, Partner; with assistance from Rashika Bhardwaj, Associate.