Adani Transmission’s $700 Million Financing

Latham & Watkins advised ATL in the transaction.

Adani Transmission Limited (ATL), India’s largest private sector power transmission and retail distribution company, has raised US$700 million through the definitive agreements signed with eight leading international banks.

The revolving senior debt facility is the first-of-its-kind sanctioned by international banks in the transmission sector. The funds will be used to finance four transmission projects developed by ATL in Gujarat and Maharashtra. The Gujarat projects are part of a green corridor developed to facilitate dedicated transmission of renewable energy, while the Maharashtra projects involve key upgrades to the transmission system and critical response drivers which will ultimately assist with promoting the integration of green energy into the city of Mumbai.

According to the agreement, eight international banks committed for the facility, including DBS Bank Ltd., Intesa Sanpaolo S.p.A., Mizuho Bank, Ltd., MUFG Bank, Ltd., Siemens Bank GmbH, Societe Generale, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation.

ATL is the transmission and distribution business arm of the Adani Group, one of India’s largest business conglomerates. Latham has advised the Adani Group on approximately US$13 billion in financings to date.

Latham & Watkins advised ATL in the transaction with a deal team led by Singapore partner Timothy Hia, with Hong Kong associate Lynsey Edgar and Singapore associates Sarah Chua and Rebecca Han. Additional advice on corporate matters was provided by Hong Kong associate Aaron Ko.

Involved fees earner: Sarah Chua – Latham & Watkins; Lynsey Edgar – Latham & Watkins; Rebecca Han – Latham & Watkins; Timothy Hia – Latham & Watkins; Aaron Ko – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Adani Transmission Limited;