Allen & Overy project finance deal wins ‘Indian Green Deal of the Year’ at the Project Finance International Awards 2020

The deal – SB Energy Six

The transaction saw SB Energy Six Private Limited, a subsidiary of Japan-based Softbank Group, close a USD330 million equivalent dual-currency U.S. dollar and Japanese yen debt package to finance 2 x 300MW solar farms in Rajasthan, India. Allen & Overy advised the lenders, which comprised a seven-strong international group of lenders. 

Commenting on our role, lead Counsel Sadi Tanmanatragul said: “This financing required both the sponsor and the lenders to overcome a number of complicated hurdles, not least of all the mandatory stay-at-home orders that covered the majority of India. Our ability to field a cross-border team meant that the lenders had access to expert advice on issues as and when they arose, allowing the sponsor to achieve its funding timeline despite the fast-changing international situation.” 

Jason Humphreys, co-head of our APAC Projects, Energy, Natural Resources and Infrastructure team, commented: “This deal marks a number of the lenders’ entry into the Indian renewables market and cements our position as the leading international counsel on renewables financings in India and the wider Asia-Pacific region. We are happy that the lenders trusted us to guide them on this landmark transaction and look forward to continuing to support the development of this fast-growing sector.”

The A&O team advising the lenders comprised partner Jason Humphreys in Singapore, counsel Sadi Tanmanatragul in Bangkok and associate Alex Ross in Sydney.