DSK Legal advises ReNew Power in relation to its joint venture with Mitsui & Co. Japan

LE Desk

New Delhi, April 7, 2022: DSK Legal has 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. 

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 Law Firm said in a press statement. 

The team at DSK representing ReNew comprised of Aparajit Bhattacharya (Partner), Harvinder Singh (Partner), Shruti Dogra (Principal Associate), and Manhar Gulani (Associate). Bhattacharya acted as the lead engagement partner for ReNew on this landmark transaction.

The statement said that 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, it said.

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.