Baker McKenzie's Bangkok office represented The Export-Import Bank of Thailand, Industrial and Commercial Bank of China (Thai) Public Company Limited, and Industrial and Commercial Bank of China Limited, Hanoi City Branch, in the project financing of a 50 MW photovoltaic solar farm in Vietnam for Thinh Long Phu Yen Solar Power Joint Stock Company, a wholly-owned subsidiary of Super Energy Corporation Public Company Limited.
Vit Vatanayothin, the renewable energy partner in the Bangkok office, is leading this transaction with the support of Associates Tatcha Thumpramoth, Pranisa Chinkulkitniwat and Andy Thamsirisup.
According to Vit, "Vietnam has become one of the most attractive renewable energy markets in Asia for both new and experienced energy investors. With our hands-on experience in renewable energy projects throughout Asia, we are currently assisting a number of Thai financiers and sponsors in tapping this exciting new opportunity."
He further noted that "the Vietnamese legal landscape is rather complex, untested and is relatively different from that of Thailand. I am very pleased to assist clients in mitigating and navigating through all issues that may arise and I am committed to finding the most practical solutions for both lenders and sponsors."
Vit also added, "I anticipate seeing more and more outbound work streams in the Vietnamese renewable energy market in terms of both project development and project financings, and I am very thrilled to see my team play an instrumental role for Thai clients in this market."
In addition to this exciting Vietnamese project financing, Vit and his renewable energy team were recently accredited for their work in waste-to-energy project financing funded by KASIKORNBANK Public Company Limited to Progress Interchem (Thailand) Company Limited, which has been awarded "Renewable Energy Deal of the Year – Waste-to-Energy" by The Asset Triple A Asia Infrastructure Awards 2020. This transaction is the first waste tire-to-energy power plant project (with installed capacity of 4.8 MW) in Thailand that has been financed on a limited recourse project financing structure.