Cyril Amarchand Mangaldas (CAM) and JSA advised on HDFC Bank INR 1,025 crore financing for 300 MW Hazel Hybren solar project.
HDFC Bank Limited extended credit facilities to Hazel Hybren Private Limited, comprising a rupee term loan of INR 1,025 crore and a letter of credit sub-limit of INR 620 crore, to part-finance the development of a 300 MWAC / 420 MWp solar power project in Chhatargarh Tehsil, Bikaner District, Rajasthan. The project, developed by Mahindra Susten Private Limited, is backed by a power purchase agreement with NHPC Limited as the offtaker. The total project cost is estimated at INR 1,374.46 crore, funded through the bank facilities and promoter contribution of INR 349.46 crore.
CAM acted as legal counsel to HDFC Bank Limited on the transaction.
The team conducted legal due diligence and assisted in drafting, negotiating, and finalizing financing documents including the Common Loan Agreement, Lenders’ Agent Agreement, Security Trustee Agreement, Promoter’s Undertaking, Deed of Hypothecation, Share Pledge Agreement, and Escrow Account Agreement.
The transaction team was led by Partner Uday Khare, with assistance from Principal Associate Angira Chakraborty, and Associates Pranav Trikha and Vanshika Srivastava.
JSA advised Hazel Hybren Private Limited, a special purpose vehicle of Mahindra Susten, on structuring, documentation, and negotiation of the financing arrangements with HDFC Bank.
The team was led by Partner Karan Mitroo, with support from Partner Purvi Dabbiru and Associate Shantanu Awasthi.
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