Astonfield Renewable Resources (Astonfield) has entered into a strategic partnership with Grupo T-Solar Global S.A. (T-Solar), a Spanish-based solar power producer to develop a solar power generation capacity of 200 MW in four years..SNG & Partners advised Astonfield with a team led by Partners Amit Aggarwal and Rashi Anand Suri along with Senior Associate Sumit Phatela..The U.S. firm Rich May advised Astonfield on International issues with a team led by Partner Thomas H. Bilodeau III..The Spanish firm Uría Menéndez acted as International legal counsel for Grupo T-Solar with Senior Associate Manuel Echenique leading the team from the Madrid office..Trilegal advised Grupo T-Solar on Indian aspects of the transaction with a team led by Partner Charandeep Kaur..Speaking to Bar & Bench Partner Amit Aggarwal said, “To the best of my knowledge, this is the first deal in India in the solar energy sector where in a record tenure of 14 years has been accepted as a loan tenure by banks for financing the transaction”..Astonfield Renewable Resource Ltd. is the leading developer of affordable renewable energy in the emerging markets of India, Sub-Saharan Africa and the Middle East. Astonfield is executing a robust pipeline of over 1,000MW of renewable energy projects throughout the Indian sub-continent..T-Solar is a pioneering independent power producer (IPP), subsidiary of Grupo Isolux Corsan, whose installed capacity makes it a leader in the generation of photovoltaic power worldwide. It currently has 168,2MW of operating capacity in Spain and Italy..According to Business Standard, both the companies plan to invest $600 million (approximately Rs. 2700 crore) into the venture which would see development of thin film photovoltaic (PV)-based solar projects in the country..Out of the projected 200-MW generation capacity, four projects of a total generation capacity of 32 MW, comprising 5 MW each at Osian, Rajasthan and Bankura, West Bengal, 10 MW at Handikund, Karnataka, and the rest 11.5 MW at Kutch, Gujarat, are under various stages of development. Both the companies plan to commission them by March 31, 2012..All these projects would be developed on a 70:30 debt-equity ratio.
