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AZB leads on Bhilwara and Applied Solar investments for World Bank's IFC

AZB & Partners has completed two deals for its long-standing client International Finance Corporation (IFC), which bought a $25m share in power projects company Bhilwara Energy Limited and $5m in Applied Solar Technologies.

Delhi law firm APJ – SLG Law Offices and US law firm Inventus Law assisted Applied Solar Technologies.

AZB Delhi partner Gautam Saha and senior associate Shuchi Sinha acted for IFC on both deals, which is a part of the World Bank and exists to finance sustainable private sector projects in the developing world.

Saha said that Sinha was the lead associate on both deals. "Shuchi [Sinha] has been with AZB for almost four years and is an integral part of the IFC relationship team," he noted.

Bhilwara develops and acquires new green field power projects throughout India and IFC took a 5.2 per cent equity stake in the company, which handled the legal work on the stake sale in-house.

Applied Solar was advised by APJ – SLG Delhi partner Avinash Mehrotra and US-based Inventus Law partner Anil Advani.

IFC took a stake of around 11 per cent in the company by subscribing through compulsory convertible preference shares and equity shares.

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