Dhir & Dhir Associates advised Porbandar Solar Private Limited on issuance of the ‘credit enhanced’ infrastructure non convertible debentures of INR 1,273.00 Million. The said non convertible debentures were partially guaranteed by India Infrastructure Finance Company Limited (IIFCL) and counter-guaranteed by the Asian Development Bank (ADB). The proceeds of the said non convertible debentures are proposed to be utilized by the Issuer inter-alia for the purposes of refinancing of its existing loans of its 15 MW grid connected solar photovoltaic (PV) power plant at Kerala Village in Porbandar, Gujarat.

Girish Rawat, Partner led the Firm’s banking & capital market team on the above transaction. The other team members included Guranpreet Singh Sarna, Senior Associate and Surbhi Narang, Associate. They advised the Issuer Company on various transaction related issues from time to time and have vetted the debenture trust deed, and other related documentation and communication with the stock exchange.