| 1 | Name of the Client | PTC India Financial Services Limited | ||
| 2 | Deal / Matter Name | Refinancing of Cleanmax IPP 2 Private Limited | ||
| 3 | Practice Area | Project Finance | ||
| 4 | Brief Description | Cleanmax IPP 2 Private Limited (“CMIP2”) is operating a 32MW AC (46.4 MW DC) photovoltaic solar power project at District Bellary, Karnataka. For the purposes of the said project CMIP2 had availed loans to the extent of Rs. 150 crores from KKR India Financial Services Private Limited on the terms and conditions contained in the loan agreement dated January 6, 2018. Pursuant thereto, PTC India Financial Services Limited has, at the request of CMIP2, agreed to extend rupee facilities aggregating Rs. 158 crores for refinancing the outstanding debt of KRR India Financial Services Private Limited and for other payments and costs in accordance with the terms and conditions contained in the rupee facility agreement dated February 12, 2019 entered into between PTC India Financial Services Limited and CMIP2. | ||
| 5 | Lawyers Involved | From Gravitas Legal (on behalf of PTC India Financial Services Limited (i.e., the lender)):
(1) Mr. Tanuj Sud (Partner); (2) Miss. Henna Vadhera (Principal Associate); (3) Mr. Aditya Pandey (Associate); and (4) Mr. Aditya Prakash (Associate). |
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| 6 | Opposite Party(ies) / Other Parties | NA | ||
| 7 | Lawyers Representing Other Party(ies) | CMIP2 was presented by its in house counsel | ||
| 8 | Deal Value | Rupees 158 crores | ||
| 9 | Status of Deal / Matter (Active or Closed) | Closed on February 12, 2019 | ||
| 10 | Any Remarks | NA | ||
| 11 | Permission Sought From Clients To Publish | Yes |
“While the transaction itself was routine project finance in many ways, balancing the interests of the lender in view of the financing structure and strict contractual covenants at promoter level was particularly interesting. Of relevance also are the elements of refinancing and the fact that this was a project where electricity was distributed through open access. Customization of documentation interfacing due diligence findings at promoter level also contribute to making this a noteworthy transaction.” – Mr. Tanuj Sud, Partner Gravitas Legal briefed Legal Desire
