HSA advises on Acme Solar’s asset sale

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solar panel HSA Advocates

HSA Advocates advised Acme Solar Holdings when it sold two solar power plants with a total capacity of 100 megawatts at the Pavagada Solar Park in Karnataka to Amplus Energy Solutions, a subsidiary of Petronas. L&L Partners advised Amplus Energy Solutions.

The deal, which was valued at ₹8 billion (US$109 million), was signed on 10 August and closed on 4 September.

Sunando Mukherjee, a partner at HSA Advocates who led the firm’s team, told India Business Law Journal that the transaction involved “complex aspects in and around foreign exchange management, as well as the operation and maintenance of the plants”. The firm’s team included associates Krishaal Morjaria and Shruti Sundararajan.

L&L’s team was led by partners Pallavi Bedi and Deepak Kumar Thakur, who were assisted by managing associate Samridha Neupane and associates Puspak Chamariya, Gopi Anekar, Mansi Srivastava and Pallavi Payal Verma.

The deal was ACME’s second asset sale to date. In August, it sold two solar plants totalling 400MW capacity, located in Andhra Pradesh and Madhya Pradesh, to private equity investor Actis.

In September 2017, the company filed a draft red herring prospectus for an initial public offer, but did not follow through with it.