CleanMax Solar Obtains $22.6 Million Loan from PTC India

CleanMax has announced that its subsidiary CleanMax IPP has secured ₹1.58 billion ($22.6 million) in a loan from PTC India Financial Services to refinance loans from KKR Financial Services (KKR NBFC).

KKR NBFC is a non-banking finance arm of private equity company KKR. It had delivered the loan to CleanMax IPP in January, 2018. CleanMax is also estimated to position the funds to meet the capital expenditure for the development of its Bellary project which consists of a 32 MW solar project owned by CleanMax IPP.

Gravitas Legal was the adviser to PTC India Financial Services, a lender to the power sector financier promoted by power trading services company PTC India.

“While the transaction was in itself a routine project finance deal, the refinancing and the fact that this was a project where electricity was distributed through open access made it stand out. Further, customization of documentation and presenting due diligence findings at the promoter level also contributed to making it a noteworthy transaction,” believed Tanuj Sud, a partner at Gravitas Legal, who led the transaction advisory team