Cyril Amarchand Mangaldas acted as the lenders’ counsel in relation to an external commercial borrowing, letter of credit facilities, standby letter of credit facility, hedging facilities and a bridge letter of credit facility availed by Clean Max Tasman Private Limited (“Borrower”), which is a wholly owned subsidiary of Clean Max Enviro Energy Solutions Limited. The Borrower has availed the financing for construction of a 140 MW (AC) wind power project in the state of Karnataka.

This was the first external commercial borrowing transaction which financed a dollar denominated environmental attributes purchase agreement (EAPA) entered into with a non-resident offtaker. The EAPA adopted the principles of a virtual power purchase agreement with a strike price being agreed between the parties, any upside from sale of the power on the exchange being passed on to the offtaker and any downside being paid by the offtaker. 

The transaction team was led by Sangita John, Partner; with assistance from Shehryar Khanum, Consultant; Samiya Zehra, Senior Associate; Daksh Mehta, Sanjana Reddy, Sharun Salvi and Sanya Katare, Associates.  

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’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 1400 lawyers including 220 Partners, the Firm is a full-service law firm with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.

The Firm has been named “Law Firm of the Year 2025” and consistently recognised as “Best Overall Law Firm” by the IBLJ Indian Law Firm Awards. It received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive year in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm also won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.

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