SNG & Partners, Trilegal, Boston-based Rich May and Spanish law firm Uría Menéndez have advised on Spanish Grupo T-Solar Global’s investment into Astonfield Renewable Resources heralding a strategic partnership to finance, operate and develop 200MW of solar power plants in India.
SNG & Partners Delhi office represented Astonfield with a team consisting of partners Amit Aggarwal, Rashi Anand Suri and senior associate Sumit Phatela. The firm advised on the overall structuring of deal including transacting on lending documents executed by the company with SBI and EXIM banks.
"It was kind of a peculiar transaction where the company has been given a 14-year term loan. In India you usually don't find a company to get a loan for more 10 years. I think it’s the longest ever in India as a South Asian Nation for a solar company," said Aggarwal.
Trilegal’s Delhi-based partner Charandeep Kaur led for T-Solar which is a subsidiary of Grupo Isolux Corsan. T-Solar has 170MW’s of operating assets on its balance sheet representing $1.8bn in capital expenditure.
International legal counsels on the deal were Boston firm Rich May with partner Thomas H Bilodeau III in the lead advising for Astonfield on US laws and Uría Menéndez’s senior associate Manuel Echenique for Grupo T-Solar.
Uría Menéndez had earlier too advised Grupo Isolux Corsan on a road projects deal in India.
The current project envisages development of grid-connected photovoltaic plants in India within two to four years representing an investment of $500-600m, and it has already undertaken a 5MW power project in Rajasthan.
Debt financing of the project by the State Bank of India (SBI) and India’s Export Import Bank (EXIM) for a period of 14 years has set a new benchmark for future lending in the renewable energy solar sector space.
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