Abhishek Khatri

Abhishek Khatri has close to nine years of experience in project finance and structured lending.

He has worked on multiple project financing transactions in the sectors of energy transition, ports, transmission and data centres. He also regularly advises corporates, banks and funds on structured lending and corporate finance deals.

Relevant Experience:

Advised eight international lenders – ING Bank N.V., Intesa Sanpaolo, KfW IPEX, MUFG Bank Ltd., Natixis, Standard Chartered Bank, Société Générale and Sumitomo Mitsui Banking Corporation in relation to India’s largest sustainability linked financing availed by AdaniConneX (Adani Group and EdgeConneX’s joint platform) for funding greenfield data centres India.
Advised a consortium of 12 lenders comprising of Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, SMBC, Rabobank U.A., DBS Bank, Mizuho Bank, BNP Paribas, Barclays Bank, Deutsche Bank, Siemens Bank and ING Bank, in connection with external commercial borrowing extended to Adani Group companies for setting up of consolidated 1.69 GW of solar-wind hybrid green field power projects situated in Rajasthan, India. This is the first and the largest hybrid renewable financing in India where external commercial borrowing has been availed from a consortium lender for greenfield hybrid projects of solar and wind. It is also one of the largest hybrid renewable financing globally. For number of lenders, this was the first project finance transaction in the Indian renewable sector.
Advised a syndicate of lenders (Standard Chartered Bank, MUFG Bank, Ltd., DBS Bank Ltd., Intesa Sanpaolo S.p.A., Mizuho Bank, Ltd, Société Générale, Siemens Bank GmbH, Sumitomo Mitsui Banking Corporation) in relation to a facility of USD 1.1 Billion for part financing the capital expenditure cost of Adani Transmission Limited’s under-construction transmission projects in the Indian states of Maharashtra and Gujarat. The transaction has been featured in the Project Finance International (PFI) Yearbook 2022 and has been awarded the Asia – Pacific Indian Deal of the Year by the PFI Awards 2021.
Advised Standard Chartered Bank, MUFG Bank, Gift Branch, ING Bank, Singapore Branch, ING Bank, Mizuho Bank, Ltd, Sumitomo Mitsui Banking Corporation, Singapore Branch and Natixis, Singapore Branch in relation to a USD 213 million facility raised by AdaniConneX (Adani Group and EdgeConneX’s joint platform) as India’s first US dollar project financing for funding two greenfield data centres with aggregate capacity of 67 MW. This transaction has been awarded the Project Finance International’s APAC Digital Infrastructure Deal of the Year 2023
Acted as Indian legal counsel to Sumitomo Mitsui Banking Corporation Singapore Branch in respect to a foreign currency facility for an amount upto USD 40 million (supported by a comprehensive risk cover from Korea Trade Insurance Corporation) availed by HPCL Mittal Energy Limited, inter alia, for meeting its payment obligations under supply contracts for provision of goods and services.
Advised Sumitomo Mitsui Banking Corporation Singapore Branch and Barclays Bank PLC, in relation to a financial assistance of USD120 million availed offshore by Actis Highway Infra Limited for the purposes of part financing the acquisition of six road assets (NHAI and PWD) in India from the Welspun group.
Advised Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., Intesa Sanpaolo S.p.A., Standard Chartered Bank, DBS Bank Ltd., Société Générale; Coöperatieve Rabobank U.A. and BNP Paribas in respect to a committed external commercial borrowing (ECB) facility and guarantee facility for an aggregate amount not exceeding USD 1.35 Billion for a 2167 MW under-construction solar power projects being set up in the renewable energy park in Khavda, Gujarat by the Adani Group.
Acted as investor counsel to JP Morgan in respect to its subscription of INR denominated bonds for an amount upto INR 1110 crores issued by GMR Airports Limited for the purposes of refinancing existing debt.
Advised The Hongkong and Shanghai Banking Corporation Limited in respect to a INR 590 crore term loan facility extended to Provenance Land Private Limited for part financing the construction cost of the refurbishment of the Four Seasons Hotel, Worli and the capital expenditure cost of the Four Season residential project, Worli.
Advised Singapore Branch and Sumitomo Mitsui Banking Corporation, Singapore Branch in respect to a USD 262 million loan extended to HPCL-Mittal Pipelines Limited for refinancing loans availed for meeting capital expenditure costs of its under-construction pipeline project.
Assisted State Bank of India in standardizing template PPA for grid-connected rooftop solar projects, rooftop rent agreement and lease agreement, rupee loan agreements (two templates, i.e., for the RESCO model projects and CAPEX model projects) including structuring the security package for creation and perfection of security in favour of the lender including arrangements for safeguarding its right of substitution in case of a default.
Acted as transaction counsel on a private and public placement of debt securities by Adani Ports Special Economic Zone Limited and arranged by Trust Investment Advisors Private Limited for a shelf limit upto INR 5000 crores, issued / to be issued in multiple tranches.
Acted as the Indian counsel in relation to a financing availed by Adani International Port Holdings Pte. Ltd., a wholly owned subsidiary of Adani Ports Special Economic Zone Limited (APSEZ) by way of a USD term loan facility for an amount not exceeding USD 400 million and a JPY term loan facility for an amount not exceeding JPY10,257,000,000 from a consortium of banks including Mizuho Bank Limited, MUFG Bank Limited and Sumitomo Mitsui Banking Corporation, for the purposes of on-lending to Mediterranean International Ports A.D.G.D Ltd. (a joint venture company incorporated in Israel, formed by APSEZ and Gadot Chemical Terminals (1985) Ltd. for the purpose of acquisition of Haifa Ports Company Ltd.
Advised DBS Bank and Standard Chartered Bank in respect to its subscription of rated, unlisted, secured, redeemable, green, non-convertible debentures for an aggregate amount of approx. INR 296 crores issued by CLP Wind Farms (India) Private Limited for the purpose of refinancing / repaying existing loans of the Issuer utilised for meeting capital expenditure cost of its wind projects in India