Khaitan & Co. and DSK Legal advised on FMO and Axis Bank’s INR 262 crore financing for Sunsure Energy’s 75 MWp solar project.

FMO Entrepreneurial Development Bank and Axis Bank extended a structured project financing package of INR 262 crore to Sunsure Energy Private Limited and its group companies through a combination of secured non-convertible debentures and a term loan facility. The financing will be used for the development, construction and commissioning of Sunsure’s 75 MWp open-access solar photovoltaic project in Illayangudi, Tamil Nadu.

The transaction marks FMO’s first project financing in India’s group captive commercial and industrial (C&I) renewable energy sector. As part of the financing, various project SPVs issued secured, unlisted, redeemable, non-convertible debentures aggregating approximately INR 190.80 crore to FMO, representing the Dutch development bank’s inaugural investment in a Group Captive C&I renewable energy project in India.

Upon commissioning, the project will supply solar power to commercial and industrial consumers across Tamil Nadu, supporting businesses in their decarbonisation efforts while advancing India’s clean energy transition.

Khaitan & Co. advised FMO Entrepreneurial Development Bank and Axis Bank on the structured project financing.

The team comprised Partner Manisha Shroff, Partner Dr. Siddharth Srivastava, Counsel Rashneet Kaur, Principal Associate Anwesha Dasgupta, Senior Associates Chirag Gohil and Shikha Mohini, and Associates Pratishthit Mittal and Indrajeet Bannerjie.

DSK Legal advised Sunsure Energy in connection with the private placement of the secured, unlisted, redeemable, non-convertible debentures issued by the project SPVs to FMO.

The team was led by Partners Anjan Dasgupta and Roochi Loona, with support from Associates Sameksh Shetty and Aditya Shukla.