Appleby Mauritius advised Azure Power Solar Energy Private Limited and Azure Power Energy Ltd (Issuers), two Mauritian SPVs wholly owned by Azure Power Global Limited, a Mauritian public company, on the tender offers to purchase for cash (the “Tender Offers”), upon the terms and conditions in the Tender Offer Memorandum dated February 16, 2024 namely:
- an outstanding principal amount of USD40,000,000 of the USD414,000,000 outstanding 5.65% Senior Notes due 2024 issued by Azure Power Solar Energy Private Limited (the “2024 Notes”) under the indenture dated September 24, 2019, as supplemented on December 8, 2023; and
- an outstanding principal amount of USD14,477,000 of the USD350,101,000 3.575% Senior Notes due 2026 issued by Azure Power Energy Ltd (the “2026 Notes”) under the indenture dated April 19, 2021, as supplemented on December 8, 2023.
The terms of the respective indentures governing the 2024 Notes and 2026 Notes were amended through a Consent Solicitation process and one of the amendments was concerned with the making of the tender offers.
The Appleby team was comprised of Managing Partner, Malcolm Moller and Counsel, Muhammad Aadil Koomar.
Appleby advised the Issuers on the Mauritius law aspects of the transaction alongside Linklaters Singapore Pte. Ltd which advised on New York and U.S. federal securities. The Hongkong and Shanghai Banking Corporation Limited acted as Dealer Manager and Morrow Sodali Limited acted as the Information and Tender Agent.
Azure Power Global Limited holds the whole structure of the Azure Group including the Issuers. The Azure Group developed India’s first private utility scale solar project in 2009 and has been at the forefront of developments in the sector as a developer, constructor and operator of utility scale, micro-grid and rooftop solar projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, the Azure Group manages the entire development and operation process, providing low-cost solar power solutions to customers throughout India.
