LG advises Greenko on $70m investment from Standard Chartered

January 23, 2012

International business law firm Lawrence Graham LLP (LG) has advised Greenko Group Plc (Greenko) – the AIM-traded Indian owner and operator of clean energy projects – on a US$70 million investment from Standard Chartered, making the latter's first investment into the Indian renewable energy industry.

Greenko will use the funds primarily to support the development of the renewable power projects of the Greenko group as a whole and will benefit from Standard Chartered's strong expertise of providing debt solutions in the project finance sector.

Standard Chartered's investment is characterised by a convertible portion of debt which allows it to participate in an IPO of any of Greenko's subsidiaries and, in certain circumstances, exercise rights to convert a portion of its debt into Greenko shares.

The LG team advising Greenko included Corporate partner and head of LG's India Group Sunil Kakkad, Corporate associate Kris Rogers and Banking associates Akhil Sharma and Behram Nasir.

Sunil Kakkad said: "The transaction will enable Greenko to further reach its strategic objectives in becoming a major force in the Indian clean energy sector.  I am delighted that our team was advising once again at the heart of the transaction."

This is the most recent deal in a number of high profile transactions that LG has advised Greenko on, having also advised Greenko in October 2011 on the US$50 million investment by a subsidiary unit of General Electric and Greenko's £50 million placing of ordinary shares by Arden and Mirabaud Securities LLP in June 2011.  Greenko aims to reach its target of 1,000 MW of clean operating capacity by 2015.