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Cyril Amarchand Mangaldas advises ThomasLloyd Energy Impact Trust on acquisition of shareholding in SolarArise India

Cyril Amarchand Mangaldas advised ThomasLloyd Energy Impact Trust Plc (TLEI), an investment trust listed on the London Stock Exchange, on the acquisition of additional 57% (appox.) shareholding in SolarArise India Projects Private Limited (SolarArise) from its existing shareholders including Core Infrastructure India Fund (CIIF) and Global Energy Efficiency and Renewable Energy (GEEREF). Following this transaction, TLEI now holds the entire shareholding of SolarArise. SolarArise has a portfolio of over 400 MW capacity of utility scale solar PV power projects with long-term power purchase agreements with central and state utilities for sale of electricity.
The Project & Project Finance, General Corporate Practice of Cyril Amarchand Mangaldas advised ThomasLloyd Group for the transaction. The transaction team was led by Surya Sreenivasan, Partner; Ramanuj Kumar, Partner; with support from M Shivraman, Senior Associate; and Medha Rao, Associate.
Tarumoy Chaudhuri, Principal Associate; and Reeti Agarwal, Associate; provided assistance related to corporate aspects of the transaction.
Other Parties and Advisors to the transaction included KPMG (acted as tax advisor for ThomasLloyd Energy Impact Trust), Herbert Smith Freehills (acted as International legal counsel for ThomasLloyd Energy Impact Trust), and PwC (acted as tax advisor for CIIF and GEEREF).
 The transaction was signed on 20th June 2022; and closed on 12th January 2023.

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