Cyril Amarchand Mangaldas (“CAM”) acted as lenders’ legal counsel and advised HDFC Bank Limited (“Lender”) in connection with the grant of credit facilities, comprising of a rupee term loan facility of INR 1025,00,00,000 (Indian Rupees One Thousand and Twenty Five Crore only) and a letter of credit sub-limit of INR 620,00,00,000 (Indian Rupees Six Hundred and Twenty Crore only) (“Facilities”), to Hazel Hybren Private Limited (“Borrower”), for the purposes of part-financing the development of a 300 MWAC / 420 MWp solar power project at Chhatargarh Tehsil, Bikaner District, Rajasthan, India (“Project”), with a power purchase agreement with NHPC Limited as the offtaker. The estimated project cost is INR 1,374.46 Crore, funded through the Facilities of INR 1,025.00 crore and promoter contribution of INR 349.46 crore by the sponsor, Mahindra Susten Private Limited.
The team conducted legal due diligence on the Project and assisted in drafting, negotiating and finalising the financing documents, comprising inter alia the Common Loan Agreement, Lenders’ Agent Agreement, Security Trustee Agreement, Promoter’s Undertaking, Deed of Hypothecation, Share Pledge Agreement and Escrow Account Agreement.
The transaction team was led by Uday Khare, Partner; with assistance from Angira Chakraborty, Principal Associate; Pranav Trikha and Vanshika Srivastava, Associates.