Khaitan & Co assists Standard Chartered Bank on ~₹425 crore financing to Solarcraft

Khaitan & Co advised Standard Chartered Bank on sanctioning financial assistance of an amount not exceeding ₹425 crore to Solarcraft Power India 5 Private Limited for the purpose of setting-up of a 100 MW AC/ 135 MW DC solar power project in Tharad, Gujarat, India.

The core team of Khaitan & Co consisted of Dr Siddharth Srivastava (Partner), Raunak Singh Rahangdale (Principal Associate), Aparna Tripathi (Principal Associate) and Shikha Mohini (Associate) with assistance from the following:

Project related aspects: Akhil Bhatnagar (Partner), Atman Desai (Partner), Devanshi Dalal (Principal Associate), Niyati Bhatt (Principal Associate), Rahul Pai (Associate) and Ritika Neogi (Associate)

Land related aspects: Kshitij Bishnoi (Partner), Siddharth Godha (Principal Associate), Riya Manuja (Senior Associate) and Shivam Sachdeva (Senior Associate).

Solarcraft Power India is an emerging player in India's renewable energy sector, focusing on the development and operation of solar power projects. The company operates through multiple special-purpose vehicles (SPVs), such as Solarcraft Power India 3, 4, 8, 14, and 27 Private Limited, each managing specific solar assets across the country.

One of its notable projects is the SJVN Solarcraft Power Solar PV Park, a planned 150 MW ground-mounted solar facility. This project is currently in the permitting stage, with construction expected to commence in 2026 and commercial operations anticipated by 2027. The power generated will be sold to SJVN under a 25-year power purchase agreement at a tariff of $0.053 per kWh.

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