Cyril Amarchand Mangaldas Acted As Legal Advisor To Bank Of Baroda
Cyril Amarchand Mangaldas Acted As Legal Advisor To Bank Of Baroda
Cyril Amarchand Mangaldas (“CAM”) acted as the legal advisor to the Bank of Baroda in extending credit facilities to JSW Renewable Energy (Vijayanagar) Limited (“Borrower”) for part financing the cost of construction and implementation of Borrower’s green hydrogen project having a capacity of 3,800 tonnes per annum along with green oxygen, at Vijayanagar in the State of Karnataka for meeting the requirement of JSW Steel Limited (“Green Hydrogen Project”).
This Green Hydrogen Project is the largest commercial-scale green hydrogen project in India till date. The Green Hydrogen and Oxygen produced from this project will be captively used by JSW Steel Limited for manufacturing steel.
Further, this transaction is also the first exposure of Bank of Baroda to a green hydrogen project and therefore, will serve as a precedent for other green hydrogen project finance.
The transaction also involved legal due diligence of the hydrogen supply agreement and other project documents to assess and address bankability issues for the Green Hydrogen Project.
The transaction team at CAM comprised of Ramanuj Kumar, Partner & Co-Head - Projects (Energy & Energy Transition); with the support from Shrey Srivastava, Principal Associate; and Snehil Ajmera, Associate.
The agreement in relation to the transaction was signed on 19th September, 2024 and closed on 9th October, 2024.
