AZB acts for German, Dutch development funds in $51m investment in Giriraj Renewables
Giriraj Renewable Private Limited is a project company, which was established to build, own and operate solar power projects and supply power via long term power purchase agreements to Federal and state power distri-bution companies and Commercial and Industrial end-users. The project company targets to reach 4,500 MW of capacity by 2022 with a geographically and off-taker-wise diversified portfolio of mainly solar projects.
The deal involved an acquisition by, respectively, the German and Dutch development funds, DEG and FMO, of up to 10% of certain compulsory convertible debentures (CCD) and certain equity shares of Giriraj Renewable Private Limited.
AZB & Partners advised DEG (Deutsche Investitions – Und Entwicklungsgesellschaft Mbh) and FMO (Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V.);; led by a team of partners Gautam Saha and Heena Singh, and senior associate Nikhil Bahl.
Deal Dated: 2018-12-20
Deal value: INR 3.6 Billion / USD 51.3 Million
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