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Khaitan for Yes Bank on Rs 84 cr solar project funding

Khaitan & Co has advised Yes Bank on granting of Rs 84 crore rupee term loan facility to Integrated Coal Mining for the development and setting up of a 9MW solar photovoltaic plant in Kutch region of Gujarat.

Khaitan & Co partner Amitabh Sharma represented the bank while no legal advisor was drafted in by the borrower on the loan transaction.

Besides drafting, negotiating and finalising the rupee facility agreement and other security documents, Khaitan & Co also helped conduct due diligence on the project and advised the lender on issues pertaining to creation of security, sponsor support undertaking and escrow structure.

The project is one of the first few solar project finance transactions in India involving financial assistance for setting up a solar photovoltaic grid interactive plant, stated Khaitan & Co in a deal update.

The loan also included financial assistance by way of issuance of Letter of Credit and annually revolving Letters of Undertaking.

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