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Latham Advises Adani Transmission in First-of-Its-Kind Financing for the Transmission Sector

November 9, 2021
US$700 million revolving senior debt facility to finance green infrastructure.

Adani Transmission Limited (ATL), India’s largest private sector power transmission and retail distribution company, has raised US$700 million through the definitive agreements signed with eight leading international banks.

The revolving senior debt facility is the first-of-its-kind sanctioned by international banks in the transmission sector. The funds will be used to finance four transmission projects developed by ATL in Gujarat and Maharashtra. The Gujarat projects are part of a green corridor developed to facilitate dedicated transmission of renewable energy, while the Maharashtra projects involve key upgrades to the transmission system and critical response drivers which will ultimately assist with promoting the integration of green energy into the city of Mumbai.

According to the agreement, eight international banks committed for the facility, including DBS Bank Ltd., Intesa Sanpaolo S.p.A., Mizuho Bank, Ltd., MUFG Bank, Ltd., Siemens Bank GmbH, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

Latham & Watkins advised ATL in the transaction with a deal team led by Singapore partner Timothy Hia, with Hong Kong associate Lynsey Edgar and Singapore associates Sarah Chua and Rebecca Han. Additional advice on corporate matters was provided by Hong Kong associate Aaron Ko.

ATL is the transmission and distribution business arm of the Adani Group, one of India's largest business conglomerates. Latham has advised the Adani Group on approximately US$13 billion in financings to date.

About Latham’s India Practice

With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$90 billion since 2018.