Shardul Amarchand Mangaldas advises Core Infrastructure India Fund and Global Energy Efficiency and Renewable Energy Fund on sale of their stake in SolarArise India Projects to ThomasLloyd Energy Impact Trust Plc

February 14, 2023

Shardul Amarchand Mangaldas & Co. advised Core Infrastructure India Fund Pte Limited (a fund of the Kotak Group) and Global Energy Efficiency and Renewable Energy Fund (advised by European Investment Bank) on sale of their stake in SolarArise India Projects Private Limited to ThomasLloyd Energy Impact Trust Plc. The deal was signed on June 20, 2022.

The transaction involved sale of stake from both resident individual sellers and non-resident sellers to ThomasLloyd Energy Impact Trust Plc, who is a non-resident buyer, leading to the ThomasLloyd acquiring 100% stake in SolarArise India and their portfolio of renewable energy (solar) projects having a total capacity of 434 MW. The deal is valued at approximately USD 38.47 Million. The transaction required approval from the Department of Economic Affairs, Ministry of Finance on account of investment by non-resident buyer in a core-investment-company. Upon receipt of the approval from DEA, the transaction was closed on 12 January 2023.

The transaction team was led by Deepto Roy, Partner; Navruz Vakil, Partner; Abhijit Mukherjee, Principal Associate; Varnika Mohan, Principal Associate; Shivang Sinha, Senior Associate; and Rupal Panganti, Associate.

Cyril Amarchand Mangaldas acted as legal adviser to ThomasLloyd Energy Impact Trust Plc.