JSA advised the mandated lead arranger bank and other members of the lender syndicate as lender’s counsel in connection with a green field project financing of INR 2,416.60 million (USD 290.53 million) granted to Solarcraft Power India 16 Private Limited (the “Borrower”), a special purpose vehicle owned by BluPine Energy Private Limited (the “Sponsor”), a renewable energy platform sponsored by Actis.
The facility was extended for the financing, construction and operation of a 150 MW (AC) firm and dispatchable renewable energy (FDRE) generation project, comprising a combination of solar, wind, and battery energy storage system (BESS), being set up at Aland, Karnataka. The Borrower has executed a long-term power purchase agreement (PPA) with SJVN Limited.
The transaction was led by the finance team comprising of Tirthankar Datta (Partner) who was supported by Sagar Srivastava (Principal Associate) and Vedant Saraf (Associate) and supported by a projects and infrastructure legal due diligence team comprising M. Arun Kumar (Partner), Ahona Pal (Senior Associate), Harshit Manaktala (Senior Associate), Bhavesh Gupta (Associate) and Gaurav Prathik G (Associate).
Arun’s practice includes diverse aspects of construction, infrastructure projects, renewable energy and real estate including project development, acquisitions, divestments and joint ventures in that space.