Gravitas advises on CleanMax refinancing

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CleanMax IPP 2, a subsidiary of CleanMax Solar operating a 32MW photovoltaic solar power project in Bellary, Karnataka, raised ₹1.58 billion (US$22.6 million) in loans from PTC India Financial Services to refinance its existing outstanding debt from KKR India Financial Services.

KKR India Financial Services, the non-banking finance arm of private equity company KKR, had lent ₹1.5 billion to Cleanmax IPP 2 in January 2018. The Mumbai-based CleanMax Solar, a leading rooftop solar developer, will utilize the funds to repay capital expenditure loans and for the implementation of its Bellary project.

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

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