Deal Closed | Acme Solar Holdings Limited | Investment in 250 MW Solar Power Project By United Nations Office For Project Services’ S3i and Investment Fund for Developing Countries

The details of the deal are as follows:

The details of the deal are as follows:

Announcement Date: 17 June 2021

Sector: Solar

Completion Date: 26 July 2021

Name of Client: Acme Solar Holdings Limited (Acme Solar) 

ACME Solar is the largest solar IPPs in India, having a portfolio of solar power projects with an aggregate capacity of more than 5500 MWp. The company develops, builds, owns, operates and maintains utility scale grid connected solar power projects, and generates revenue through the sale of electricity to central and state government entities and government-backed corporations. 

Investors Details: United Nations Office for Project Services’ Sustainable Investments in Infrastructure and Innovation (UNOPS S3i) | Denmark ; Investment Fund for Developing Countries (IFU)| Denmark  

Target Details: Acme Aklera Power Technology Private Limited | India  

Acme Solar Holdings Private Limited | India  

Deal Description: Advised Acme Solar Holdings Private Limited in relation to the acquisition of a 39% stake by IFU and 10% stake by UNOPS S3i in Acme Solar’s 250 MW solar project in the state of Rajasthan. 

Total Consideration: Confidential  

Team Members: Prasenjit K Chakravarti (Partner), Nitish Goel (Principal Associate), Megha Sharma (Principal Associate), Ranjini Gogoi (Senior Associate) 

Role of Firm: Providing structuring advice for the transaction from an Indian law perspective. Reviewing and negotiating the definitive agreements. End to end assistance in signing, preparing the disclosure letters, pre-completion and completion actions. 

Other legal advisors if any with names of Lead Lawyers: Indus Law, Delhi - Advisor to the investors (Avirup Nag, Partner); Plesner, Denmark - Advisor to IFU 

Financial advisors: Kunal N Parekh, Managing Partner & Founder, Myra Investments; Rahul Dubey, Investment Director, IFU 

Unique Feature of Transaction: Owing to the unique status of UNOPS as a subsidiary organ of the United Nations, structuring certain clauses of the definitive agreements - for example, information and access, indemnity, governing law and arbitration.