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Dhir & Dhir Associates Acted as Legal Advisors to REC Limited

Dhir & Dhir Associates Acted as Legal Advisors to REC Limited

Dhir & Dhir Associates has acted as the Lenders’ Legal Counsel to REC Limited, for the financial assistance of up to INR 10,084.00 Million and INR 15,825.00 Million as rupee term loan to ACME Solar Technologies (Gujarat) Private Limited and ACME Solar Energy (Madhya Pradesh) Private Limited respectively, for the purposes of repayment of the existing project indebtedness and for financing 56 | Lex WITNESS | March 2021 prepayment premium for Existing Project Indebtedness for the commissioned 15 MW/15MWp Solar Project situated at District Anand, Gujarat and 25 MW/30.5MWp Solar Project situated at District Rajgarh, Madhya Pradesh respectively. The transaction involved a co-obligor structure wherein each SPV has undertaken to provide support to each other in case of any shortfall in the debt servicing of the lender(s) of any SPV.

The team included Guranpreet Singh Sarna, Associate Partner; Shikha Singh, Senior Associate and Riya Manuja, Associate. The work scope included conducting due diligence of the borrower companies, its promoters, and respective project documents, drafting the financing and security documents, reviewing the title search report of the local counsel(s), and issuing opinions on the legal issues.

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