Deal Closed | Axis Bank Limited and Tata Cleantech Capital Limited | Financing of Amplus Green Power Private Limited

The details of the deal are as under:

Sector: Solar 

Name of Client: Axis Bank Limited and Tata Cleantech Capital Limited 

Axis Bank is the third-largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. 

Tata Cleantech Capital Limited operates as an investment arm of Tata Capital Limited. It specializes in clean energy and clean technology investments. The firm focuses on Energy Efficiency, Renewable Energy generation projects, such as Wind power, Small hydro power, Electric Mobility, Distributed solar power, Power Transmission, Utility-Scale Solar, Bio-mass and Waste treatment, Water management projects, and projects that aid carbon footprint reduction. It also finances for green projects. 

Deal Description: Khaitan acted as Lenders' Legal Counsel in relation to the funding of Amplus Green Power Private Limited by way of (i) rupee term loan of INR 195.07 crore divided into Tranche I Facility and Tranche II Facility to be provided by a consortium of Axis Bank Limited & Tata Cleantech Capital Limited for the purpose of among others, the retirement of letters of credit, and short term loans towards capital expenditure for its 75 (seventy-five) megawatt (MW) DC / 50 (fifty) MW AC open access ground-mounted solar power plant in the village Gurudev Nagar, Mirzapur district, Uttar Pradesh, reimbursement of amounts infused by the Sponsor, payment of pending capital expenditure and for funding expenses for the development of Project; (ii) working capital facility of INR 3 crore to be provided by Axis Bank Limited for meeting working capital requirements for the Project. 

Total Consideration: USD 27 million 

Team Members: Siddharth Srivastava (Partner), Kanika Kadam (Principal Associate), Raunak Rahangdale (Senior Associate), Rashneet Kaur (Senior Associate), and Udita Singh (Associate) 

Role of Firm: Khaitan acted as Lenders' Legal Counsel