SMBC Group Extends INR 307 Crores in Green Loan and Bank Guarantee to Support E-Mobility Initiative in India
Cyril Amarchand Mangaldas advised Sumitomo Mitsui Banking Corporation (SMBC Group) on its green financing arrangement for Shyama Shyam P1 City Bus Operations Private Limited and VSK City Bus Operations Private Limited (the Borrowers), amounting to a total of up to INR 307 crores.
The financing comprises a rupee term loan facility and a bank guarantee facility, intended to refinance existing loans availed by the Borrowers for the operation and maintenance of 350 electric buses, along with the associated charging infrastructure and depots in Uttar Pradesh (the Project).
This transaction is notable as the first-ever project financed by a Japanese bank in India’s electric mobility sector. It also represents SMBC’s inaugural project finance venture within the APAC region’s e-mobility sector. Additionally, the financing is categorized as a ‘green loan’ in line with the green loan principles established by LMA, APLMA, and LTSA.
The transaction was led by CAM’s team including partners Subhojit Sadhu and Gautam Saran, with support from Kavya Mathur and Mansi Jain. Jian Johnson and Rohil Deshpande provided advice on the hedge-related aspects of the transaction.
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