Mumbai (Maharashtra)/ New Delhi [India], December 16 (ANI/BusinessWire India): Cyril Amarchand Mangaldas advised a consortium of lenders led by Bank of Baroda on Rs 3,940 crore, extended to JSW Renewable Energy (Vijayanagar) Limited (JSW Renewable) for setting up a 825 MW AC hybrid power project (i,.e. 225 MW AC Solar Project and 600 MW Wind Project) at Ballari and Koppal districts in the State of Karnataka (Project) for meeting the captive power requirement of JSW Steel Limited (JSW Steel).
This credit facility is secured by inter alia creating a first ranking pari passu charge/ mortgage on all movable, intangible assets and immovable assets(excluding forest land) in relation to the Project, pledge over certain percentage of equity shares and the other securities issued by JSW Renewable to JSW Future Energy Limited (promoter of JSW Renewable).
The Project & Project Finance Practice of Cyril Amarchand Mangaldas advised and assisted the consortium of lenders led by Bank of Baroda on structuring, drafting, and finalising the financing documents.
The Firm also advised on the sell down of a part of the Loan by Bank of Baroda to Central Bank of India and Bank of Maharashtra.
The Project Financing team was led by Ramanuj Kumar, Partner; with support from Aiswarja Mohanty, Principal Associate; Shrey Srivastava, Senior Associate; Shradha Sharma, Associate. Tanvi Ramdas, Associate; and Umang p, Associate; provided assistance related to execution of transaction.
The deal team for JSW Renewable comprised of Rakesh Punamiya and Vaibhav Deshmukh.
The transaction was signed on 10th August 2022; and closed on 16th August, 2022.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
Disclaimer: No Business Standard Journalist was involved in creation of this content