JSA Advises YES Bank on Financing First Energy Group Solar Power Projects

JSA Advocates & Solicitors (JSA) advised YES Bank Limited in connection with financing provided for three solar power projects in Tamil Nadu and Maharashtra, developed by three project companies of the First Energy group. JSA advised in connection with financing of a 69.3 MW hybrid power project comprising 69.3 MW wind capacity (3.3 MW x 21 WTG) and 49.82 MW / 69.50 MWp solar capacity in Gujarat, set up by a project company of the First Energy group.

The financing pertains to three solar power projects being implemented across multiple states (Tamil Nadu and Maharashtra), structured on a cash pooling basis, whereby cash flows from all three project companies are pooled together to service the debt obligations of the portfolio.

This cross-project cash pooling construct introduced unique structural complexity, requiring careful documentation to ensure that inter-company fund flows.

The team responsible for the deal was actively engaged in the review and diligence of all relevant project documents, including review of key agreements, terms, and conditions to ensure alignment with financing requirements under the pooled structure.

In parallel, the team coordinated closely with relevant stakeholders to ensure all issues raised by the Lenders were resolved in a timely manner.

The JSA team was led by Karan Mitroo, Partner, along with Samarth Sharma, Principal Associate; Shantanu Awasthi, Senior Associate; Riddhi Sri, Associate; Harsh Dugar, Associate; Harshil Kakkar, Associate; Supriya Saxena, Junior Associate; and Vristi Garg, Junior Associate.