Cyril Amarchand Mangaldas Advised United States International Development Finance Corporation On Financing Of Genus Power’s Smart Metering Project

Cyril Amarchand Mangaldas Advised United States International Development Finance Corporation on Financing of Genus Power’s Smart Metering Project

Cyril Amarchand Mangaldas (CAM) advised the United States International Development Finance Corporation (DFC) on extending a credit facility of up to USD 49.5 million to Genus Power Infrastructures Limited (Genus).

Genus is in the business of providing end-to-end smart meter solutions and undertakes EPC activities in relation to smart meter concessions. Genus has manufacturing plants across Jaipur, Haridwar, and Guwahati with an installed capacity of 10 million smart meters. DFC is the U.S. Government's development finance institution. The credit facility extended by DFC will be utilized by Genus for scaling up manufacturing and deployment of smart meters in North Bihar and in other geographies across India.

CAM Team advised DFC on:

i. key risks from a lender perspective (including security enforcement mechanism);

ii. Rights available to the lenders under the direct debit facility agreement, which ensures cash flow and payment security to an AMISP (i.e., advance metering infrastructure service provider) under the smart meter concession;

iii. Salient features of the Revamped Distribution Sector Scheme of the Union Government;

iv. Addressing other project implementation-related risks for the lenders; and

v. Drafting and negotiation of financing and security documents.

The transaction at CAM was led by Ramanuj Kumar, Partner & Co-Head (Projects - Energy and Energy Transition), with support from Shrey Srivastava, Principal Associate.

The transaction documents were executed in April 2024, and the transaction was closed in July 2024.

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