Cyril Amarchand Mangaldas advised Indian Renewable Energy Development Agency Limited (IREDA) on financing facility of upto INR 129.42 crore extended to Lone Cypress Ventures Private Limited (Lone Cypress) for development of solar photovoltaic power project in state of Uttar Pradesh, India. This project of Lone Cypress will be having a capacity of 30 MW/45 MWp and is being set up under a group captive model.
The Project and Project Finance Practice of Cyril Amarchand Mangaldas advised IREDA on the transaction. The scope of work included conducting of due diligence on Lone Cypress for the purposes of identifying the consent requirement for the transaction and advising IREDA with respect to group captive project requirements. The transaction team was led by Yash Jain, Partner; With support from Madhur Verma, Principal Associate; and Janani Chandrasekaran, Associate.
The transaction was signed on 13th January 2023; and the closing for the transaction is expected within this financial year on 31st March 2023.
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