Deal Closed | Sterling and Wilson Private Limited | Joint venture with Enel

The details of the deal are as follows:

Sector: Solar:

Announcement Date: 26-Feb-2021 

Name & Contact Details of Client: Sterling & Wilson Private Ltd: Sterling and Wilson Solar Limited is the world’s largest solar EPC solutions provider in 2018 based on annual installations of utility-scale photovoltaic systems of more than five mega-watt peak. 

Joint Partner Details: Sterling and Wilson Private Limited (SWPL) | India  

S&W group is one of India’s leading engineering, procurement, and construction (EPC) company. The group operates across the globe in more than 30 countries with a strong presence in regions such as the Middle East, Africa, Europe, the Americas and Australia. From being mainly focused on doing MEP projects in India, the group over the past 10 years has set up global operations in MEP, Diesel  Generator sets, Turnkey Data Centers, Transmission & Distribution, and Solar EPC. With its recent foray into Power Solutions, Sterling and Wilson is perfectly poised to play a pivotal role in the global trend of moving away from thermal plants to a future of renewable energy with storage. 

Joint Partner Details: Enel X International SRL | Italy  

Enel X is Enel's global business line dedicated to the development of innovative products and digital solutions in sectors where energy is showing the greatest potential for transformation: cities, homes,  

industries and electric mobility. Enel X designs and develops solutions focusing on sustainability and circular economy principles in order to provide people, communities, institutions and companies with an alternative model that respects the environment and integrates technological innovation into daily life. 

Deal Description: Advised Sterling and Wilson Private Limited (SWPL), a Shapoorji Pallonji group company, in connection with the joint venture with Enel X, the Enel Group’s advanced energy solutions business line with the aim to promote the adoption of Electric Vehicle charging infrastructure in the Indian subcontinent. The joint venture entity will undertake local manufacturing, and operations & maintenance services of the electric vehicle charging infrastructure. 

Total Consideration: Confidential 

Team Members: The core transaction team consisted of Surbhi Kejriwal (Partner), Purti Minawala (Principal Associate) and Abhishek Rao (Associate) with assistance from the following: 

Intellectual Property related aspect and reviewed/revised license agreement: Nishad Nadkarni (Partner), Shailendra Bhandare (Partner) and Sourav Dan (Principal Associate) 

Competition Law related aspect: Anisha Chand (Partner) and Anmol Awasthi (Senior Associate) 

Role of Firm: Khaitan & Co assisted Sterling and Wilson Private Limited (SWPL) with the structuring of the transaction, negotiations with Enel, drafting of the transaction documents including the Joint Venture Agreement and the IP License Agreement. Khaitan & Co also provided SWPL general legal advice on various junctures of the transaction. 

Other legal advisors if any:  J. Sagar Associates