Mayer Brown advises lenders on 300MW solar power project in India

Singapore – Mayer Brown has advised the Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB) and Société Générale on the US$132 million senior secured project financing to SAEL Solar MHP1 (SAEL), as Borrower, for the design, development, construction, operation and maintenance of a 300MW solar photovoltaic power plant in Andrah Pradesh State, India (the “Project”).

This Project would grow SAEL’s existing portfolio of over 6.5 GW of solar IPP projects, including operational and in-development assets. SAEL is a subsidiary of SAEL Industries Limited, and operates across the solar and agri waste-to-energy sectors in India.

The power generated from the Project shall be evacuated to the grid through a proposed approximately 12.8 km transmission line connecting the project sub-station to the grid sub-station at the Kurnool-III power station (owned by Power Grid Corporation of India Ltd., a state-owned entity). The Project will sell electricity to Solar Energy Corporation of India (SECI) through a power purchase agreement (PPA) for a period of 25 years from the scheduled commercial operation date.

Ben Thompson, head of Projects & Infrastructure (Asia), commented: “We are delighted to have acted for our clients on this significant solar project, supporting India’s impressive ongoing transition towards clean energy. India is a growing market for our team and we look forward to doing more.”

The Mayer Brown team was led by partner Ben Thompson and senior associate Tom Crane (both Singapore), and included partner Nanak Keswani (London), registered foreign consultant Matthew Chow (Hong Kong), and associate Anna Yin (Singapore/New York).