Firm Matters

Khaitan & Co. advised FMO Entrepreneurial Development Bank and Axis Bank Ltd (“Clients") in relation to structured project financing of INR 262 crores extended to Sunsure Energy Pvt Ltd and its group companies ("Sunsure") by way of secured non-convertible debentures and a term loan facility. The proceeds of the facility are earmarked for the development, construction, and commissioning of Sunsure's 75 MWp open-access solar photovoltaic project located in Illayangudi, Tamil Nadu.

This transaction represents FMO's inaugural project financing in India's group captive commercial and industrial (C&I) renewable energy sector—a significant milestone underscoring the growing confidence of international development finance institutions in India's clean energy landscape as well as the deepening of India’s credit market. Upon commissioning, the project will supply reliable, competitively priced solar power to commercial and industrial off-takers across Tamil Nadu, enabling businesses to meaningfully decarbonize their operations while advancing India's broader energy transition objectives.

Quote from Partner Manisha Shroff:

“We are delighted to have advised FMO on this pioneering transaction, which marks an important step in mobilising institutional capital for India’s commercial and industrial energy sector and reflects the continued evolution of the country’s sustainable finance landscape.”

Quote from Partner Dr Siddharth Srivastava:

“It was a privilege to advise FMO and Axis Bank on this milestone transaction, which supports the expansion of renewable energy infrastructure while in India and strengthening its sustainable financing ecosystem.”