Baker McKenzie is proud to have worked on two project financing deals which won three awards from the Project Finance International (PFI) Awards and PFI Asia Awards 2019. The PFI Awards is one of the most prestigious events in the global capital markets calendar and recognises the market-leading transactions annually.


Asia Pacific Head of Projects Martin David said: "We're thrilled to receive these industry-affirming awards for two significant and complex deals and are delighted to have been able to advise the sponsors on the successful closure of the last five power projects in Thailand. Despite the current challenges that COVID-19 presents to doing business across Asia, developing critical and important projects in important developing economies and filling the infrastructure gap remains a fundamental priority for business and governments. Therefore closing these two projects demonstrates the determination to achieve this objective. Whilst the business challenges presented by the virus are likely to remain in the short and potentially medium term, I have no doubt that just like with SARS, project activity will continue and we will see more projects completing and coming on line."


The two award-winning projects were:

  • USD1.37 billion power plant financing project with Gulf PD Company Limited which won Asia Pacific Power Deal of the Year at the PFI Awards 2019 (held in London on 5 February), and had also been awarded in the same category for the PFI Asia Awards 2019.

    • This deal was led by Baker McKenzie Thailand, with support on international law from Singapore member firm Baker McKenzie Wong & Leow. The team on this project were led by Viroj Piyawattanametha, Vit Vatanayothin and Tatcha Thumpramoth in Bangkok, with support from Martin David, Andrew Zaw, Aaron Jones and Satta Chairasmisak in Singapore.

    • The project financing was for a 2,500MW natural gas-fired combined cycle power plant (four generating units of 625MW each) located in Rojana Industrial Park, Rayong Province, in the east of Thailand.


  • Up to MYR550 million Murabahah sukuk solar power project financing issued by Cypark Ref Sdn Bhd which won Islamic Finance Deal of the Year at the PFI Asia Awards 2019.  

    • This deal was led by Wong & Partners, the Malaysia member firm of Baker McKenzie International, with Mark Lim, Elaine Foo and Edlyn Tan leading on the Sukuk related work and supported by the Projects team comprising of Lim Siaw Wan and Alison Loh. We had advised Maybank Investment Bank Bhd, who was the principal adviser, lead arranger and lead manager on this transaction.

    • This was an Islamic medium term note, based on the Shariah principle of Murabahah (via Tawarruq arrangement) under the Securities Commission Malaysia's Sustainable and Responsible Investment ("SRI") Sukuk Programme, to part finance development of three solar projects (each with a capacity of 30MWac) including the largest twin floating solar photovoltaic project in the world. The issuer was Cypark Ref Sdn Bhd, which is a wholly-owned subsidiary of Cypark Resources Sdn Bhd, an integrated renewable energy company in Malaysia.

Explore Our Newsroom