Cyril Amarchand Mangaldas advised Sumitomo Mitsui Banking Corporation for its first project financing in the Indian electric mobility sector, provided to GreenCell Mobility group.

Cyril Amarchand Mangaldas (CAM) advised Sumitomo Mitsui Banking Corporation (“SMBC”) for its green financing, extended/ to be extended to Shyama Shyam P1 City Bus Operations Private Limited and VSK City Bus Operations Private Limited (“Borrowers”), for an aggregate principal amount of up to INR 307,00,00,000 (Indian Rupees Three Hundred and Seven Crores only), by way of a rupee term loan facility and a bank guarantee facility (“Facility”), inter alia for the purpose of refinancing the existing facilities availed by the Borrowers for operation and maintenance of 350 (three hundred and fifty) intra-city electric buses, related charging infrastructure and depots in the state of Uttar Pradesh (“Project”).

This transaction marks the first ever project financed by a Japanese bank in the e-mobility domain in India and is also SMBC’s first project finance transaction in this sector for APAC region. The Facilities provided by SMBC are also categorised as ‘green loan’ facilities, in compliance with the LMA/ APLMA/ LTSA’s green loan principles.

The transaction team was led by Subhojit Sadhu, Partner; and Gautam Saran, Partner; with support from Kavya Mathur, Senior Associate; and Mansi Jain, Associate.

Jian Johnson, Partner; with support from Rohil Deshpande, Associate assisted and advised on the hedge related aspects of the transaction.  

Other parties to the transaction include: Shyama Shyam P1 City Bus Operations Private Limited; and VSK City Bus Operations Private Limited (Acted as Company); Greencell Mobility Private Limited (Acted as Sponsor); and Catalyst Trusteeship Limited (Acted as Trustee).