Dentons has advised Chubu Electric Power Co., Inc. on the signing of its approximately ¥23 billion investment in Continuum Green Energy Limited, India, a wind and solar power generation and electricity sales business supplying renewable power to commercial and industrial customers across India. Chubu Electric Power has entered into agreements to invest approximately ¥23 billion, equivalent to INR13.5 billion, in Continuum. The transaction comprises a share subscription and purchase arrangement and remains subject to customary regulatory approvals. Following receipt of those approvals, Chubu Electric Power will acquire shares in Continuum.
Continuum is one of India’s leading independent renewable energy producers, supplying electricity to India’s commercial and industrial sector through corporate power purchase agreements. The company’s business spans wind and solar power generation and electricity sales, with projects across Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, Rajasthan and Karnataka.
The transaction reflects the continued growth of India’s renewable energy market and the increasing importance of clean energy procurement for commercial and industrial customers, including Japanese companies operating in India. Chubu Electric Power noted that, through the investment, it aims to contribute to India’s decarbonisation while leveraging Chubu Electric Power Miraiz’s customer network to support Japanese companies entering the Indian market in procuring renewable energy.
Andrew Clarke, relationship partner for Chubu Electric Power, said: “We are very pleased to have supported Chubu Electric Power on this important investment into India’s renewable energy sector. The transaction required close coordination across many Dentons offices, jurisdictions and practice areas, and is a strong example of the role the Dentons Japan Desk can play in bringing together Japanese client relationships, local market execution and global sector experience. Working closely with Chubu Electric Power, our teams were able to combine international transaction support with the deep India-market capability of Dentons Link Legal. Rajesh and Prashanth led the transaction with excellent judgement and efficiency throughout, and their leadership was central to the successful signing of this transaction.”
Rajesh Pal and Prashanth Sabeshan, who led the transaction for Dentons Link Legal, said: “We are delighted to have advised Chubu Electric Power on this strategic investment in Continuum Green Energy Limited. The transaction sits at the centre of several important themes: cross-border investment into India, the growth of renewable energy procurement by commercial and industrial customers and the increasing role of Japanese investors in India’s energy transition. It required careful navigation of corporate, regulatory and sector-specific considerations, and close cooperation between our India team, Andrew, the Dentons Japan Desk and colleagues across the wider Dentons platform. We are proud to have contributed to a transaction of this significance for Chubu Electric Power.”
The Dentons team was led by partners Rajesh Pal and Prashanth Sabeshan, with Andrew Clarke acting as relationship partner for Chubu Electric Power. The Indian team also included partners from different practice groups – Milind Jha, Ankur Loona, Aditya Singh, Aditya Bharadwaj, Nidhi Pathania, Gyanendra Mishra, Rahul Bagga, Mohit Porwal and Prasanta Sahu. The partners were ably supported by counsels Mihir Roy, Pooja Ramachandra and Himanshi Khanna; senior associates Rinki Singh and Khushi Yadav; associates Shristhi Bose and Divyanshu Vyas; and other team members. Additional transaction documentation support was provided from the UK by counsel Paul Flynn and from Saudi Arabia by associate Jumanah Jan.
