JSA Advocates & Solicitors has advised Axis Bank Limited on the financing provided to Gentari Renewables Finnsurya Energy Private Limited for four solar photovoltaic power projects:
70 MW (AC) at Bhadla Solar Park Phase II, Jodhpur, Rajasthan.
2 × 50 MW (AC) at Pavagada Solar Park, Tumkur, Karnataka.
5 MW (AC) at Bhilwara, Rajasthan.
10 MW (AC) at Kapeli, Ujjain, Madhya Pradesh.
The transaction has been structured to accommodate a diversified portfolio across multiple locations, requiring a flexible framework for project-specific cash flow management and security creation. The facility includes the refinancing of a term loan for capital expenditure and project development, as well as working capital facilities with provisions for letters of credit and bank guarantees.
With the involvement of a Singapore-based shareholder, the structure required tailored regulatory compliance and customised shareholder undertakings. A comprehensive security package has been implemented to protect the lender, including assignment of project receivables, hypothecation of assets, escrow arrangements, and lender step-in rights.
JSA has advised on all aspects of the transaction, including drafting, negotiating, and reviewing financing documents.
The team was led by Karan Mitroo (Partner), supported by Purvi Dabbiru (Partner), Surbhi Jain (Principal Associate), Riddhi Sri (Associate), Shantanu Awasthi (Associate), Harshil Kakkar (Associate), and Supriya Saxena (Paralegal).
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