Sunsure Energy Private Limited, along with its group entities, has successfully secured project financing amounting to ₹262 crore. The financing was obtained from the Dutch development bank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), and Axis Bank Limited. This financial support was facilitated through a private placement involving secured, unlisted, redeemable, non-convertible debentures.
DSK Legal’s Role in the Transaction
DSK Legal played a pivotal role in advising Sunsure Energy throughout the transaction process. The firm provided comprehensive assistance in reviewing and negotiating the transaction documentation. Additionally, DSK Legal offered guidance on matters related to listing, creating, and perfecting security interests. Anjan Dasgupta and Roochi Loona, both partners at DSK Legal, led the transaction, supported by associates Sameksh Shetty and Aditya Shukla.
Khaitan & Co’s Involvement
On the other side, Khaitan & Co represented FMO and Axis Bank in this significant deal. The legal team was spearheaded by Manisha Shroff, a partner specializing in Banking & Finance, along with Dr. Siddharth Srivastava, a partner focusing on Insolvency & Restructuring and Banking & Finance. The team also included Rashneet Kaur (Counsel), Anwesha Dasgupta (Principal Associate), Chirag Gohil (Senior Associate), Shikha Mohini (Senior Associate), Pratishthit Mittal (Associate), and Indrajeet Bannerjie (Associate).
Significance of the Financing
This financing marks a milestone as it represents FMO’s first foray into project financing for a Group Captive Commercial & Industrial (C&I) renewable energy project in India. The funds will be utilized by Sunsure Energy to develop and operate solar power projects with a total capacity of approximately 75 MWp DC located in Ilayangudi, Tamil Nadu. These projects aim to supply power to C&I off-takers in Tamil Nadu through the open access route. This development underscores the growing interest and investment in renewable energy projects within India.
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