Krishnamurthy and Co | View firm profile
Krishnamurthy & Co. (K Law) advised Tata Capital Limited, as the lenders’ legal counsel, in relation to financing the development and setting up of two photovoltaic solar power projects in the state of Gujarat.
The two photovoltaic solar power projects will be developed by the Indian subsidiaries of a leading European renewable energy producer with over 4 GW of solar energy installations across the world.
Tata Capital Limited granted structured project financing facilities for the development of the solar power projects in Gujarat and the transaction was structured on co-obligor basis amongst the various Indian subsidiaries of the European renewable major. The financing is secured by charge over various project assets and other customary securities provided by the Indian borrower and also ringfenced by various guarantees and undertakings from the European parent entity.
K Law structured the project financing transaction and drafted, negotiated, and finalised all the financing and security documents for the aforesaid transaction, in addition to advising the lender on various legal and regulatory issues in connection with the cross-border transaction.
The transaction was led by Zeeshan Khan (Partner) and supported by Anirban Roy Choudhury (Principal Associate) along with a team of associates.
Taylor Wessing advised Tata Capital Limited as the lender’s foreign legal counsel in Europe and was led by Dr. Tillmann Pfeifer (Partner, Head – Energy & Infrastructure Industry Group) and supported by Dennis Hoppermann (Senior Associate) and Corvin Gutzeit (Associate).
The solar power projects in Gujarat will be executed as an independent power producer initiative and is aimed at catering commercial and industrial consumers. Initial offtakers include leading entities from recycling, automotive, packaging and plastics, and mining sectors. Upon completion, the project is expected to generate approximately 50+ million units of clean energy annually, contributing to a reduction of 40,000+ tonnes of carbon dioxide emissions annually.