Biggest Indian renewable deal with Cyril Amarchand, BMR Samvad on SunEdison Continuum wind power buy (TOI carries deal report) [UPDATE-1]

Thursday, 18 June 2015 By Legally India Corporate M&A

Cyril Amarchand Mangaldas acted as Indian legal counsel to SunEdison Inc, which bought an Indian wind platform of Continuum Wind Energy, advised by BMR Legal, through acquisition of its Singapore holding company.

Cyril Amarchand Mangaldas Mumbai-based partners Santosh Janakiram and Smruti Shah led for SunEdison, with partner Nisha Uberoi advising on competition law aspects.

As international legal counsels, SunEdison Inc was advised by Hogan Lovells and Allen & Gledhill on English and Singapore law aspects, respectively.

Continuum Wind Energy had BMR Legal partner Amit Khansaheb, Wong Partnership, Singapore as its legal counsel

Update: Morgan Stanley International Holdings, an existing investor, was represented by Samvad Partners partner Vineetha MG with associates Malvika Kanade and Prateek Batra, alongside Davis Polk in the UK.

Continuum Wind Energy currently has 170MW of projects under construction, with approximately 1200MW of projects in the pipeline and 245MW operational projects in India whereas SunEdison Inc is the largest renewable energy development company in the world by generation capacity.

This deal is also the biggest buyout India has seen in the clean energy sector, according to an Amarchand press release.

The Times of India had also reported Cyril Amarchand’s involvement in the deal.

Comments

Avent 18 Jun 2015, 11:28

+9 -2

CAM deal reported by MSM, their PR seems active.
TOI reported the Cairn-Vedanta deal but there was no mention of Khaitan having worked on it!

Scooter- 18 Jun 2015, 14:06

+0 -1

FOMO?

Hell Cat 18 Jun 2015, 14:09

+2 -2

Not quite scooty....this has become a somewhat persistent problem for lawyers working opposite CAM. C

Hurt Locker 18 Jun 2015, 14:17

+4 -6

I agree with Hell Cat. CAM guys grow up. If you really want to be the early bird and publicize your deal activity (nothing wrong with that) then please do either of the following two things: (a) mention the names of everyone involved (that's right associates from CAMs and the other law firms as well) or (b) share the draft press release with lawyers for the other side (so that if the Partner there wants to include the names of their associates at least they can). You can't miss out the lawyers for the other side including associates. Not done! And paints a very poor picture of the way you way treat associates. Like please....this is getting irritating for people who work on deals opposite you. It's the same story here and on bar and bench.

kianganz 18 Jun 2015, 14:20

+7 -2

Actually CAM is one of the better firms on this - they generally tell us who is on the other side also, though they might not tell the full team on the other side, which is fair enough.

Firms that nearly don't ever disclose as a matter of policy: AZB and S&R.

Khaitan occasionally tells us.

JSA usually shares other lawyers' names in press releases when they know, which is nice.

Not sure why TOI decided to run a story on CAM to be honest. Maybe because CAM SAM is now TOI material after the breakup? :)

Hurt Locker 18 Jun 2015, 15:20

+1 -4

The issue is not the toi piece kian. Please appreciate that in most of the deal disclosures on LL or BnB associates who worked on the deal were named. Here not even the Partners at BMR. And maybe legally india could take the onus of reaching out to the other party's lawyers (to the extent u

Delhi Client 18 Jun 2015, 15:43

+3 -3

Kian who in CAM deals with LI for such matters? I am impressed by your statement.

kianganz 18 Jun 2015, 20:46

+5 -2

Avishek Prasad sends most CAM press releases. :)

They're usually rather prompt after deals get public and usually also include other law firms where available...

vanquish 18 Jun 2015, 16:46

+3 -1

[quote name="kianganz"]Not sure why TOI decided to run a story on CAM to be honest.[/quote]
Obviously they were paid! Atleast that appears so, since it came on page 19, it was so tiny i believe most would have missed reading it.

vantage 18 Jun 2015, 18:09

+1 -1

Jealous naah 'vanquish' baby, sob sob coming !

Obviously you are jealous that your firm's deals are either not newsworthy nor great shakes in deal size/value. You will surprised the things you get on goodwill :-)

See this link, don't look to me tiny man !

http://m.timesofindia.com/city/mumbai/Cyril-Amarchand-Mangladas-legal-counsel-in-biggest-clean-energy-buyout-in-India/articleshow/47708318.cms

Wild Child No.1 22 Jun 2015, 01:54

+0 -0

I hope you know how horribly petty you sound.

hmmm 19 Jun 2015, 10:41

and what is toi material kian? this news article appeared in their business section....not an inappropriate placement for an article of this nature.....
didnt think i would hear you criticize other media houses....

kianganz 19 Jun 2015, 10:46

Didn't realise mainstream newspapers considered law or law firm deals 'business'. They certainly haven't until recently.

I think most likely the only reason is because of the Shroff v Shroff dispute, which has made this a legitimate story for the business section of a mass audience paper like the TOI.

Anyway, wasn't criticism, just commentary, though happy to criticise media houses also if need be...

Johnny 18 Jun 2015, 16:54

From what I know, a lot of law firms give out names of the partners on the other side. Often, when handing out press releases, the law firms themselves don't give out the name of the associates involved. Maybe in a deal like this there are too many people involved and for the sake of brevity and not choosing a few over the entire team, they leave names out.

Scooter- 19 Jun 2015, 07:22

+2 -0

why cant both firms have two separate press releases- why do they have to speak about the other side- can they not just say x firm advised y client with xyz from x.

the counterparty firm can do the same form their side.

Dont think this is a moral obligations on which firms need to be judged with!

id rather have a firm be criticised for not mentioning all people involved than for not talking about the other firm in the matter.

Ex AMSS 18 Jun 2015, 18:27

+7 -7

Mickey ensures the job is well done. Period !

Nominee director 18 Jun 2015, 13:56

+6 -3

Good going Smruti!!

Friendly 18 Jun 2015, 20:35

Looks like hurt locker is really hurt badly by omission of his/her name. I don't believe the foreign lawyers have time for this stupid stuff. My guess is some1 from BMR?..... They badly need publicity and some chest thumping will be good gorgeous their morale.

On principles I believe if is Kian's duty to include the names of all concerned. Very bad Kian.... Pls make sure BMR associates are mentioned prominently next time

No one 19 Jun 2015, 02:24

+1 -0

Did Sun Edison have any international counsel on the deal?

Anon 19 Jun 2015, 03:14

Great going cam ! Congratulations to the deal team....

MSI 19 Jun 2015, 06:32

Morgan Stanley had a stake in Continuum Wind - advised by Trilegal. Wonder why they didnt figure in this deal?

http://www.legallyindia.com/Deals-in-brief/15-deals-in-brief-quickr-mitsui-sumitomo-bol-bachchan-piramal-morgan-stanley-specialty-restaurants-reliance

conflict 19 Jun 2015, 07:07

Trilegal was conflicted - acted on project financing and represented another bidder for the same assets.

kianganz 19 Jun 2015, 10:47

Morgan Stanley was advised by Samvad and Davis Polk we just found out - have added them to the story.

Thanks
Kian

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