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

Allen & Overy is delighted to have advised on the deal which has won ‘Indian Green Deal of the Year’ at the Project Finance International Awards 2020. The deal is one of India’s largest solar project financings to date and is the first certified green project loan in India.  

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.