Power

Firm Experience in the Power Sector

Advised and worked as the Lender’s Counsel on behalf of Power Finance Corporation Limited for its various power projects located at Maharashtra.
Assisted the Ministry of Finance, Government of India in restructuring of Dhabol Power Company (ENRON) vis-à-vis settling of lenders’ claims and reviving the project.
Advised in consortium with ICRA, National Thermal Power Corporation (“NTPC”) in its proposed bid for ultra mega project in Sasan Power Limited in Madhya Pradesh.
Entire documentation of Kondapalli Power Project (Lanco Group) at Andhra Pradesh was handled and finalised by one of our Partners who was then head of the Legal Department of one of the premier financial institutions.
Project Finance of a Hydro-electric Mega power project by a consortium of eleven banks and financial institutions lead by Rural Electrification Corporation Limited (REC). The transaction involved the financing of the 1200 MW Teesta III Hydroelectric Project (‘Project’) located in North District of Sikkim, with a loan of Rs 4560 Crores (approximately 1.14 billion $) by a consortium of eleven banks and financial institutions including Rural Electrification Corporation Limited (REC), Housing and Urban Development Corporation Limited (HUDCO), India infrastructure Finance Company Limited (IIFCL), Punjab National Bank (PNB), Canara Bank, Bank of Baroda, Life Insurance Corporation of India (LIC), Oriental Bank of Commerce, United Bank of India, Dena Bank and Punjab & Sind Bank.
Power Finance Corporation (PFC) – Sasan Ultra Mega Power Project: Acted as Counsel on behalf of Power Finance Corporation (PFC) regarding the transfer of Sasan Power Project SPV to Reliance Energy.
Power Finance Corporation (PFC) – Bidding documents. Part of the team involved in the revision of the Standard Bid Documents (Request for qualification, Request for Proposal and Power Purchase Agreement) being used for preparing the bidding documents for Ultra Mega Power Projects on behalf of Power Finance Corporation. The work involved review of Electricity Act, the Governmental policies and discussions with Ministry of Power and PFC.
Documentation of the loan sanctioned by Power Finance Corporation to Jindal Thermal Power Company Limited (debt-refinancing) entailing vetting and finalisation of Loan Agreement, Pari Passu Agreement, Security Trustee and Agent Agreement, Pledge Agreement, Memorandum of Hypothecation, Indenture of Mortgage, Letter of Waiver, Deed of Re-Conveyance, Declaration etc. (Project cost – Rs. 1100 crores).
Documentation of the loan sanctioned by Power Finance Corporation to Maharashtra State Electricity Board in respect of thermal power station at Beed, Maharashtra entailing drafting of the Loan Agreement, Mortgage Deed / Undertakings, Board Resolution and opinion on the Title Search Report etc. (Project cost – Rs. 400 crores)
Documentation of the loan sanctioned by Power Finance Corporation to Gautami Power Limited in respect of 469 MW combined cycle power project in Andhra Pradesh entailing vetting and finalisation of Loan Agreement, Pari Passu Agreement, Security Trustee and Agent Agreement, Pledge Agreement, Memorandum of Hypothecation, Indenture of Mortgage, Letter of Waiver, Deed of Re-Conveyance, Declaration etc. [Project cost: Rs. 1500 crores]
Acted on behalf of Power Finance Corporation with respect to documentation of the loan sanctioned by Power Finance Corporation to Himachal Pradesh Electricity Board for Hydro Electric Projects in Kashang in Himachal Pradesh[Project cost: Rs. 769 crore]
Acted on behalf of Power Finance Corporation Ltd. in connection with its financial assistance to Enercon Wind Farms (Rajasthan) Pvt. Ltd. and Enercon Wind Farms ( Jaisalmer) Pvt. Ltd. for procurement of equipment under Lease finance scheme for setting up wind farms in Rajasthan [Project cost : INR 115 Crores]
Advised project developer on all aspects including the negotiation of the power purchase agreement, initial financing, regulatory and environmental approvals, issues relating to land acquisition and settlement of displaced persons, EPC contracts, vendor credit, insurance and all related issues in the Maheshwar Hydel Projects for S.Kumars.
Involved in negotiations, power purchase agreements, implementation agreements, State Government guarantees with MPEB for Essar.
Advised Citibank, the main lender in the Bhilai Project for Citibank / Larsen & Toubro.
Acted as Indian counsel for the lenders and advising on all Indian law issues relating to the project including power purchase agreements and financial documents both for foreign currency and rupee financing, devising an appropriate security package in consultation with the developers, Indian legal counsel, drafting and negotiating security documents to conducting detailed due diligence on the project especially with respect to statutory and regulatory approvals including environmental approvals and title to land for Videocon Power Ltd.
Advised & Acted for EPC Contractor in a fast track Mega Power Project in Andhra Pradesh.
EnBw International GmbH : advised in relation to its proposed power projects in Andhra Pradesh
Advised Ecolutions GmBH Limited in relation to its proposed investment in the field of Bio mass power projects by way of acquiring an existing Indian entity, Turboatom TPS Projects Limited engaged in such projects. This involved carrying out of a due diligence exercise, providing detailed due diligence report, drafting and finalization of the necessary documents in relation to project financing and the joint venture.
Advised IDFC, the Financier in relation to Bio-energy Power Project in Lucknow
General advisory role for the Tata Electrical Companies.
Advised Southern Energy Asia Pacific in relation to 3600 MW power project in Orissa.
Advised Octagon Consolidated Berhad in acquiring 3 major power plant companies in Southern India.
Advised Global Renewable Energy Partners (GREP) in its Windfarm Project in Karnataka, India.
Advised in respect of fuel supply agreement for the IB Valley Power Project in West Bengal.
Acted for SIAL SBEC Bio Energy Limited in respect of a captive cogeneration power plant in U.P.
Power Grid Corporation of India: Tala Transmission Project; Advised on the bidding process and the project documentation, carried out negotiations of shareholders agreements, implementation agreements and transmission agreements.
Steel Authority of India Ltd: Disinvestment of Power Plants at Rourkela, Durgapur and Bokaro; Advising merchant bankers for transaction structure, procedures involved in tenders, drafting of share purchase agreement, shareholders agreement, assignment of business, fuel supply agreement and other definitive agreements. Also supervised the bidding process as legal advisors, reviewed and advised on the agreements between SAIL and NTPC for acquisition of the power plants.
Energy Equity of Australia: PPN Power Project; Involved in negotiations with Tamil Nadu Electricity Board.
Advised Velcan Energy Holdings (Dubai) Limited on a Hydro Power Project of upto 100 MW.
Documentation of the loan sanctioned by Power Finance Corporation acting as the Lender Counsel to East Cost Energy Private Limited in respect of its coal based thermal power project in the State of Andhra Pradesh entailing vetting and finalization of the Financing Agreements and all ancillary loan documents pertaining to the aforesaid sanction of loan.
Documentation of the loan sanctioned by Power Finance Corporation acting as the Lender Counsel to Indiabulls Power in respect of 1320 MW Coal based power project in the State of Nashik, entailing vetting and finalization of the Rupee Term Loan Agreement and all ancillary project financing documents pertaining to the aforesaid sanction of loan (Project Cost: 6628 Crores).
Documentation of the loan sanctioned by Power Finance Corporation acting as the Lender Counsel to ONGC Tripura Power Company Limited (OTPCL) in respect of 726 MW natural gas based combined cycle power project in the State of Tripura entailing vetting and finalization of the Rupee Term Loan Agreement and all ancillary project financing documents pertaining to the aforesaid sanction of loan (Project Cost: INR 3256.6 crores).
Advised Hinduja National Power Corporation Limited on the proposed 1040 MW Thermal Power Project at Palavalasa village, District Vishakhapatnam, Andhra Pradesh in relation to the power purchaser agreement to be executed with a proposed purchaser, environmental concerns which need to be addressed and the due diligence of the land upon which the power plant is to be located.
Power Finance Corporation Limited: Acted on behalf of PFC with regard to financial assistance to M/s. KVK Nilanchal for setting up Phase-II i.e. 700 MW (2×350) coal based thermal power project at Kandarei village in Cuttack District in the State of Orissa.
A consortium of Financial Institutions led by Industrial Financial Corporation of India for setting up to set up a 450 MW (Phase 1 & 2 of 225 MW each) Gas Based combined cycle power plant near Kashipur in the state of Uttarakhand by Sravanthi Energy Private Limited.
Acted on behalf of Power Finance Corporation Ltd. in connection with financial assistance to M/s. Lanco Amarkantak Power Limited for setting up of 2×660 MW Unit 3 & 4 based thermal power plant in Korba Dist, Chhattisgarh. The assignment included due diligence of the project documents, due diligence of the Project land, clearances and incorporation of the documents of the Borrower and Promoter, preparing and finalizing the financing and security documents, legal opinions on various issues relating to financing and security matters, executed documents and charges created.
Acted on behalf of Industrial Financial Corporation of India for setting up to set up a 450 MW (Phase 1 & 2 of 225 MW each) Gas Based combined cycle power plant near Kashipur in the state of Uttarakhand by Sravanthi Energy Private Limited.
Acted on behalf of Power Grid Corporation of India in connection with availing financial assistance from Nordic Investment Bank to assist in the financing of a project in India consisting of construction of an +/- 800 KV, 6,000 MW HVDC multi terminal system package associated with North Eastern/Eastern Region- Northern/Western Region interconnector-I.
Acted on behalf Rural Electrification Corporation Limited in connection with financial assistance to Nabinagar Power Generating Company Private Limited [A JV Company between National Thermal Power Corporation and Bihar State Electricity Board] for setting up of 3X660 MW Super Thermal Power Plant at Nabinagar, District Aurangabad, Bihar.
Advised on all aspects, carried out due diligence documentation for Rural Electrification Corporation, India Renewable Energy Development Authority (IREDA) with respect to several energy projects as under:

Suzlon Green Power Company Limited;
Bhomka Power Corporation Limited;
Suzlon Windfarms Services Company Limited;
Malwa Power Company Limited;
Himkailash Hydropower Private Limited;
Chamoli Hydro Power Limited;
M.P. Windfarms Limited.

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Firm Experience in the Power Sector

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