Cyril Amarchand Mangaldas advises ThomasLloyd Energy Impact Trust on acquisition of shareholding in SolarArise India

Cyril Amarchand Mangaldas advised ThomasLloyd Energy Impact Trust Plc (TLEI), an investment trust listed on the London Stock Exchange, on the acquisition of additional 57% (appox.) shareholding in SolarArise India Projects Private Limited (SolarArise) from its existing shareholders including Core Infrastructure India Fund (CIIF) and Global Energy Efficiency and Renewable Energy (GEEREF). Following this transaction, TLEI now holds the entire shareholding of SolarArise. SolarArise has a portfolio of over 400 MW capacity of utility scale solar PV power projects with long-term power purchase agreements with central and state utilities for sale of electricity.

The Project & Project Finance, General Corporate Practice of Cyril Amarchand Mangaldas advised ThomasLloyd Group for the transaction. The transaction team was led by Surya Sreenivasan, Partner; Ramanuj Kumar, Partner;with support from M Shivraman, Senior Associate; and Medha Rao, Associate.

Tarumoy Chaudhuri, Principal Associate; and Reeti Agarwal, Associate; provided assistance related to corporate aspects of the transaction.

Other Parties and Advisors to the transaction included KPMG (acted as tax advisor for ThomasLloyd Energy Impact Trust), Herbert Smith Freehills (acted as International legal counsel for ThomasLloyd Energy Impact Trust), and PwC (acted as tax advisor for CIIF and GEEREF).

The transaction was signed on 20^th June 2022; and closed on 12th January 2023.

 

About Cyril Amarchand Mangaldas:

Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.

The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.

 

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