Manasvini Raj

Manasvini has over 13 years of experience in advising private equity funds, large corporate conglomerates, lenders, multilateral institutions, export credit agencies, sponsors, investors, borrowers and contractors. With a specialization in project finance, structured finance, project development and M&A in the infrastructure and energy sectors, she has led high-value deals and cross-border transactions across Asia, Middle East, Australia and North America.

Manasvini has worked at White & Case LLP. (New York office) for almost 2 years and also at International Finance Corporation (the World Bank Group) as part of their Asia Legal Team for 2 years.

Relevant Experience:

Advised Ontario Teachers’ Pension Plan Board in relation to their purchase of 30 % stake in Mahindra Group’s renewable energy platform Mahindra Susten Private Limited. The transaction also involved the setting up of the largest renewable energy Infrastructure Investment Trust (InvIT) in India in compliance with applicable regulations of the Securities and Exchange Board of India.
Advised Ontario Teachers’ Pension Plan Board in relation to their purchase of 20 % stake in Mahindra Group’s renewable energy operation and maintenance service company, Mahindra Teqo Private Limited.
Conducted due diligence for Mahindra Group and Ontario Teachers’ Pension Plan Board in connection with the launch of their co-sponsored infrastructure investment fund.
Advised Welspun Energy Private Limited in relation to the sale of its entire stake in Welspun Renewables Energy Private Limited with about 1,140 megawatts (MW) of renewable energy assets (comprising of about 990 MW solar and 150 MW wind power assets) across ten states in India being developed by it, to Tata Power Renewable Energy Private Limited, a subsidiary of Tata Power Company Limited. Awarded the “M&A Deal of the Year: Energy” at the Asian Lawyer Emerging Markets Awards, 2016.
Represented Abu Dhabi Future Energy Company PJSC – Masdar, a subsidiary affiliate of Mubadala Investment Company (sovereign fund of the Government of Abu Dhabi) in connection with its proposed acquisition of a 50% cash equity stake from EDF Renewables, Inc. in a clean energy portfolio with a capacity of approximately 1.6 GW. This was one of the largest acquisitions of renewable assets in North America in 2020.
Represented GE Energy Financial Services Limited in relation to (a) its equity investment in Atria Power’s wind farms in India; and (b) in relation to its investment in a joint platform investment company with Ecoren Energy India Private Limited for development of a wind power project in India.
Represented Piramal Enterprises Limited in relation to its equity investment in Green Infra Limited for expansion of its renewable energy business.
Advised Sunedison Inc. and associated entities in relation to their proposed acquisition of the Indian wind platform of Continuum Wind Energy.
Advising Asian Development Bank (ADB) (in its capacity as a senior lender and a trustee in relation to a grant from the Clean Development Fund) and Asian Infrastructure Investment Bank for their financing to Greencell Express Private Limited (an Everstone portfolio company), for setting up a private electric bus fleet.
Advising ADB in relation to a loan (with a blended finance component) to a subsidiary of Greenway Grameen Infra Private Limited, which is engaged in the process of manufacturing and supplying improved cookstoves to rural households in India. This is a first-of-its-kind deal relating to carbon credits financings in India.
Advised Overseas Private Investment Corporation in relation to the financing of multiple rooftop solar projects in India aggregating approximately 19 MW by Azure Sunlight Private Limited.
Represented International Finance Corporation (IFC) and Standard Chartered Bank (SCB) in connection with the debt structuring and lending to two solar PV plants developed in India by subsidiaries of Sembcorp Green Infra Limited. The project was awarded “Asia-Pacific Renewable Energy Deal of the Year” by Project Finance International, 2012.
Represented Piramal Enterprises, Piramal Finance and APG in connection with its funding to Acme Group for investment in their solar and electric transportation businesses in India through mezzanine issuance of listed debentures on a private placement basis and a flexible line of credit.
Advised Orange Jaisalmer Wind Energy Private Limited on the project contracts entered with the Suzlon Group in relation to a 50.4 MW wind power project in the State of Rajasthan.
Advised SkyPower Holdings LLC on the project contracts to be entered with Sterling & Wilson Private Limited in relation to seven 50 MW solar power projects being set up in the States of Madhya Pradesh and Telangana.
Advised State Bank of India (SBI) to draft standardized templates of a power purchase agreement, loan agreement and security documents in relation to rooftop solar projects across various states in India in relation to the Grid Connected Rooftop Solar PV Program (a collaboration of SBI and the World Bank).

Advised IFC in relation to financing of various projects, including:

diligence and financing of a 126.9MW wind project in the State of Tamil Nadu by Techno Green Energy Limited;
diligence and financing a 20MW wind power project in the State of Maharashtra by the LNJ Bhilwara Group;
diligence and in financing of 6 wind projects in separate states in India being developed by Green Infra Limited;
diligence and financing of a 75MW wind project in the State of Maharashtra being implemented by a subsidiary of NSL Renewable Power Private Limited, with SCB and PTC India Financial Services Limited.

As part of the Asia Legal Team at IFC, advised on:

credit facilities provided by IFC of upto US$50 million in INR denominated unlisted non-convertible debentures issued by platform renewable energy companies of Hero Future Energies Private Limited;
credit facilities provided by IFC (with AIIB and British International Investment) of upto US$200 million in INR denominated unlisted bonds and external commercial borrowing by Thar Surya 1 Private Limited in relation to a solar PV project in Rajasthan.