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The financing is undertaken to part fund the development of Khaba Renewable Energy’s 250 MW solar power project in Rajasthan and to partially refinance an existing bridge facility availed by the company.
The transaction results in a full exit for the Company’s existing shareholders, True North and Temasek, Reeba Chacko, Senior Partner; provided strategic guidance.
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.
CAM had also advised on the previous qualified institutional placement undertaken by Adani Enterprises Limited in October 2024.
CAM also advised on and drafted a power purchase agreement to be entered into between the Borrower and Evonith Value Steel Limited and Evonith Metallics Limited (as the Sponsors).
The proceeds of the QIP are proposed to be utilized towards re-payment and /or prepayment of certain outstanding borrowings of the Company and certain of its subsidiaries, and general corporate purposes.
CAM advised Adani Ports and Special Economic Zone Ltd. on the strategic investment by Mundi Ltd., a subsidiary of Terminal Investment Ltd., in a significant infrastructure transaction.