DSK Legal advised ReNew Power Joint Venture with Mitsui on first of Its kind RTC Project
DSK Legal advised ReNew Power Joint Venture with Mitsui on first of Its kind RTC Project
Leading Law Firm DSK Legal advised ReNew Power Private Limited in relation to its joint venture with Mitsui & Co., Ltd. Japan whereby Mitsui (through its wholly owned subsidiary) has acquired 49% stake in ReNew's 1,300 MW capacity RTC (round-the-clock) project
The said Project is the first of its kind RTC project in India, which will provide lowest cost and emission-free 24X7 renewable electricity.
While it is difficult for conventional renewable energy projects to commit stable electricity supply due to the intermittent nature of winds and solar irradiation, the Project commits electricity supply of 400 MW with high capacity factor on a round-the-clock basis, and is slated to be a game-changer for the energy sector in India.
The Project will consist of three newly built wind farms and one solar plus battery storage farm (1,300 MW in total and 100 MWh battery storage) and will span across the states of Rajasthan, Maharashtra and Karnataka.
The commercial operation of the Project is scheduled to start by August 2023. The power purchase agreement with Solar Energy Corporation of India (SECI) has been executed. Mitsui will contribute to the Project by using its accumulated knowledge of the electric power business in Japan and other countries.
ReNew, through its affiliates, inter alia, will undertake EPC and operation and maintenance (O&M) of the Project.
ReNew Surya Roshni Private Limited, will act as the joint-venture vehicle for the Project, which will be owned and operated by ReNew Power and Mitsui, with 51:49 shareholding, respectively.
The total project cost is set at US$ 1.35 billion, as per the press release issued by Mitsui on April 6, 2022.
DSK Legal assisted ReNew on all legal aspects of the transaction, including reviewing, negotiating and finalising the transaction documentation viz. binding termsheet, securities subscription agreement, investor rights agreement etc. Trilegal represented Mitsui on the transaction.
The team at DSK representing ReNew comprised of Mr. Aparajit Bhattacharya (Partner), Mr. Harvinder Singh (Partner), Ms. Shruti Dogra (Principal Associate), and Mr. Manhar Gulani (Associate).
Mr. Bhattacharya acted as the lead engagement partner for ReNew on this landmark transaction.
