Baker McKenzie is proud to have acted as international counsel for the Best Structured Finance Deal in the Renewable Energy category awarded by The Asset Triple A Sustainable Capital Markets Regional Awards 2020. The Firm's Projects team acted for Cleantech Solar SEA Pte Ltd. ("Cleantech") in the USD 75 million facility, advising on an innovative portfolio financing structure for the construction and operation of rooftop solar photovoltaic installations across Southeast Asia. This combined traditional project financing with a portfolio financing structure. Baker McKenzie lawyers from Singapore, Malaysia and Thailand jointly worked on this transaction.
Asia Pacific Head of Projects Martin David, who also led on the project, said this of the award: "We are delighted to help Cleantech to continue to grow its business after advising them on their initial capital raising in 2018 with Climate Fund Managers and now to support them on this latest financing to help them expand their regional business. The award is well deserved given the sophisticated approach to the structuring of this hybrid project and portfolio financing structure."
"This and the numerous other renewable projects we have advised developers and lenders on over the course of 2020 despite the challenges of the COVID pandemic demonstrates the growing commercial demand in Southeast Asia's energy sector for renewables," said Martin. Other lawyers involved in this deal include local principal Andrew Zaw and associate Satta Chairasmisak in Singapore; partner Mark Lim and senior associate Licia Tan in Malaysia; partner Vit Vatanayothin, senior associate Napas Na Pombejra and associate Hongrat Jungwanitchakun in Thailand.
The five-year facility by ING will finance rooftop solar photovoltaic projects across Southeast Asia and will enable Cleantech to expand their business by entering into corporate power purchase agreements with leading corporations to help them source long term, cost saving renewable electricity and reduce their carbon footprint.