Veritas Legal advised the NSE India and BSE-listed Siemens when it executed a power purchase agreement with Sunsole Renewables and a share subscription and shareholders agreement for acquiring a 26% stake in the company for up to INR16 million (USD215,000).
Sunsole Renewables, a special purpose vehicle of a company set up by Singapore-based Cleantech Solar, was advised by its in-house counsel. The deal was announced on 3 November and is expected to close by September 2022.
Veritas Legal’s team comprised partners Kunal Doshi and Natasha Sethna and associates Karun Jhangiani and Anish Patel.
Seeking to reduce its carbon footprint for its manufacturing facility at Kalwa, in Maharashtra, Siemens, which is the flagship listed company of Siemens in India, sought a captive source of solar power. This required it to subscribe to at least 26% of the paid-up equity share capital of Sunsole Renewables, which will be an associate of Siemens after the acquisition.