JSA Advocates & Solicitors has advised YES Bank Limited and Central Bank of India on the financing of a 69.3 MW hybrid power project set up by a project company of the First Energy group in Gujarat. The deal, announced on 30 June 2026, was structured as a multiple banking arrangement rather than a conventional consortium-backed facility — a structuring choice that added considerable legal and commercial complexity to the transaction.
Introduction
The financing relates to a hybrid renewable energy project comprising 69.3 MW of wind capacity — deployed across 21 wind turbine generators (WTGs) rated at 3.3 MW each — and 49.82 MW / 69.50 MWp of solar capacity, located in Gujarat. The project company is part of the First Energy group, which operates under the Thermax brand and focuses on bespoke renewable energy solutions for commercial and industrial customers. Both YES Bank Limited and Central Bank of India participated as lenders, each under distinct commercial terms.
A defining structural feature of this transaction was its departure from the standard consortium financing model. Each lender carried unique commercial terms, requiring all stakeholders to be aligned on a common structure and agreed priority waterfall before documentation could commence. The JSA team undertook comprehensive due diligence across all relevant project documents, reviewing key agreements, terms, and conditions to ensure full alignment with the financing requirements of both lenders.
Throughout the transaction, the legal team coordinated multiple rounds of calls with all stakeholders to facilitate timely and precise closure of documentation. Particular attention was given to the satisfaction of all conditions precedent, enabling smooth disbursement and the successful execution of the deal. Further details on the commercial terms and total facility size were not disclosed.
Legal Teams Involved
A single legal team advised both lenders on this transaction.
Advised: YES Bank Limited and Central Bank of India
Firm: JSA Advocates & Solicitors
- Karan Mitroo, Partner (Team Lead)
- Samarth Sharma, Principal Associate
- Harshil Kakkar, Associate
- Supriya Saxena, Junior Associate
- Vristi Garg, Junior Associate
- Kaynaat Rana, Paralegal
Significance and Impact
This transaction carries several noteworthy features that set it apart from a routine renewable energy financing. The use of a multiple banking arrangement — where each lender negotiates and holds its own distinct set of commercials rather than participating through a unified consortium agreement — is structurally more complex than the customary consortium-backed format. Achieving inter-creditor alignment on a common framework and agreed priorities under these conditions required significant coordination across all counterparties.
The project itself reflects the continued bankability of wind-solar hybrid assets in Gujarat, a state that has emerged as one of India’s most active renewable energy investment destinations. The technical configuration — combining 21 high-capacity 3.3 MW WTGs with a substantial solar component — is characteristic of the larger, more efficient hybrid projects now being financed across India’s C&I renewable sector. First Energy’s track record of commissioning wind-solar hybrid captive plants in Gujarat further underscores the maturity of this developer’s project pipeline.
For JSA, the mandate extends a well-established practice in renewable energy project finance. The firm has previously advised YES Bank on financing transactions for the First Energy group, and Partner Karan Mitroo has led some of India’s most complex hybrid and round-the-clock renewable energy financings. This transaction reinforces JSA’s position as a leading adviser to domestic lenders on structurally innovative clean energy deals.
Conclusion
The completion of financing for the 69.3 MW hybrid power project in Gujarat demonstrates growing lender appetite for structurally differentiated renewable energy transactions. JSA Advocates & Solicitors, led by Karan Mitroo, successfully navigated the legal and coordination challenges inherent in a multiple banking arrangement, delivering a clean and timely documentation close for both YES Bank Limited and Central Bank of India. Readers tracking law firm deal activity in the renewable energy financing space can follow the Deal Meter for ongoing coverage.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
