Khaitan & Co advises Sumitomo Corp on acquiring 49% stake in Hero Group's Clean Solar Power

Sumitomo Corporation has acquired a 49% equity shareholding in Clean Solar Power (Baniyana) Private Limited, a subsidiary of HSEPL, which forms part of Hero Future Energies, the renewable energy business arm of the Hero Group.

Khaitan & Co advised Sumitomo Corporation on this acquisition. The Firm was involved in negotiating, drafting, and reviewing transaction documents; conducting legal due diligence on the Target Company and the Project; and assisting with the execution of transaction documents.

The transaction team consisted of Zakir Merchant (Partner), Shivanshu Thaplyal (Partner), Vidur Sinha (Partner), Priyal Modi (Principal Associate), Tanuj Modi (Senior Associate) and Apeksha Chauhan (Associate). The following provided assistance: 

Real Estate aspects: Sudheer Madamaiah (Partner), Kartik Shiv Kumar (Counsel) and Harish Bojappa Kugunavar (Associate);

Regulatory and Project aspects: Vardhikaa Sharma (Senior Associate), Associates Krishnendu Ghosh, Vivan Jhaveri, Dhrutvi Modi and Disha Jain;

Other due diligence aspects: Vinay Joy (Partner), Aditya J Nair (Senior Associate), Hansaja Pandya (Senior Associate), Associates Ajay Kranthi Kothwal, Bhuvan S and Sonakshi Gopi.

Clean Solar Power (Baniyana) Private Limited is engaged in the development of a hybrid renewable energy project situated in Bidar District, Karnataka comprising an aggregate solar and wind power generation capacity of approximately 500 MWp together with a co-located battery energy storage system having an energy storage capacity of 200 MWh.

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