Baker McKenzie has been recognized for its work on seven deals that won Deal of the Year in their respective categories at the Asset Triple A Infrastructure Awards 2021. The awards recognize deals across the infrastructure and energy sectors in all regions around the world, as well as their advisers who have demonstrated best practice in infrastructure finance with a particular focus on sustainable infrastructure.
Asia Pacific Head of Projects Martin David said, "The spread of the categories in which these awards have been given and the complex nature of the transactions is a testament to the strength of our Projects Practice across the Asia Pacific region and also globally. We are proud to have worked on these deals, and look forward to continue supporting our clients on their complex power and infrastructure projects."
The recognition follows a series of other awards received by the Firm earlier this year, including "IFLR's Asia Pacific Project Finance Deal of the Year 2021"; "PFI's Asia Pacific Power Deal of the Year 2020"; "PFI's Asia Renewables Deal of the Year 2020"; and "Finance Deal of the Year: Projects" at the Asia Legal Awards 2021 ̶ all of which recognized the Firm for its work in various landmark projects deals
The seven award-winning deals are as follows:
- "Africa Deal of the Year": Tanzania Standard Gauge Railway USD 1.46 billion financing
The Firm acted as Lenders' Legal Counsel to Standard Chartered Bank and the other lenders, development finance institutions and export credit agencies on the largest railway infrastructure project in Africa for the government of the United Republic of Tanzania. The team was led by Nick Tostivin and Luka Lightfoot, with the support of Aimee Saunders, Stephanie Latsky and Josh Mastin-Lee (all based in London). Further support was given by Mats Rooth and Camilla Holmkvist in Stockholm.
- "PPP Deal of the Year (Global)" and "PPP Deal of the Year (Taiwan)": Changfang Wind Power Company / Xidao Wind Power Company NTD 90 billion offshore wind project
The Firm acted as Taiwan and Singapore international law counsel, advising Copenhagen Infrastructure Partners through its Copenhagen Infrastructure II and Copenhagen Infrastructure III funds as sponsors. This is the largest offshore wind project financing in Taiwan to date, with project financing provided by 21 international and Taiwan banks and life insurance companies, with the support of seven export credit agencies and development banks. The Taiwan team was led by Senior Consultant Murray Bowler and Partner Tiffany Huang, who were ably supported by a cross-jurisdictional team composed of Su-Fen Chen, Melanie Ho, Evangeline Wang, Claudia Chen, Jun Chen, Tom Chou, Shinn-Yih Ho, Yiting Lin, Charlotte Chang, Alison Chen, Jady Kao and Hui-Heng Hong (all based in Taipei); and Kim Hock Ang and Satta Chairasmisak in Singapore.
- "Renewable Energy Deal of the Year-Hydro (Indonesia)": PT Bajradaya Sentranusa Asahan I USD 230 million loan facility
The Firm advised the borrower, PT Bajradaya Sentranusa, on the refinancing of the Asahan 180 MW run-of-river hydroelectric power plant, in North Sumatra province. The project will generate dependable low-cost electricity in North Sumatra, adding to Indonesia's commitment to increase the share of renewables in its total energy sources. The team was led by Principals Kim Hock Ang and Andrew Zaw, with support from Aaron Jones in Singapore.
- "Power Deal of the Year (Thailand)": B.Grimm Power Public Company Limited THB 29.58 billion term loan facilities
The Firm's Bangkok office represented five syndicated lenders, consisting of Bangkok Bank Public Company Limited, Export-Import Bank of Thailand, Government Savings Bank, KASIKORNBANK Public Company Limited and The Siam Commercial Bank Public Company Limited, in six project financings of seven power plants across the country as part of the third-generation small power producer (SPP) program and SPP replacement program of the Electricity Generating Authority of Thailand (EGAT). The key sponsor of these project companies is B.Grimm Power Public Company Limited. The team was led by Partner Vit Vatanayothin, with the support of Napas Na Pombejra, Sawaporn Sophanodora, Pranisa Chinkulkitniwat, Hongrat Jungwanitchakun, Sujade Simthamnimit, Andy Thamsirisup and Sitikorn Tangsiri.
- "Green Project of the Year (Vietnam)": Phu Yen TTP Joint Stock Company USD 248 million project financing
The Firm acted as Thai law counsel to B.Grimm Power Public Company Limited (as major sponsor), Truong Thanh Viet Nam Group Joint Stock Company (as local sponsor) and Phu Yen TTP Joint Stock Company (as borrower) in relation to the project financing of a 257 megawatt solar power plant in Phu Yen Province, Vietnam. The power plant is the largest ground-mounted solar power project under a single power purchase agreement entered into between a project company and Electricity of Vietnam. The syndicated loan is the first green loan in Vietnam to be certified by the Climate Bonds Initiative. The team was led by Partner Vit Vatanayothin, with support from Napas Na Pombejra and Sujade Simthamnimit, Sawaporn Sophanodora and Tatcha Thumpramoth.
- "Power Deal of the Year (Bangladesh)": Reliance Bangladesh LNG and Power Limited USD 642 million financing
The Firm advised Reliance Bangladesh LNG & Power Company on what is the first gas-fired power project in Bangladesh to reach financial close where the project company assumes responsibility for sourcing gas from the market (including imported LNG). Negotiated almost entirely during the COVID-19 pandemic, the deal involved parties from Japan, South Korea, India, the US, Singapore and Europe, and involved a complex USD 650 million project financing provided by Asian Development Bank (ADB), Japan Bank for International Cooperation (JBIC), and commercial lenders Mizuho, MUFG, SMBC and Societe Generale (lending through a Nippon Export and Investment Insurance (NEXI)-covered facility). The international Projects team in Singapore supported the client, led by Principals Martin David, Kim Hock Ang, and Andrew Zaw with the support of Dennis Lim, Satta Chairasmisak and Terence Tim, as well as lawyers from the Firm's offices in Tokyo, Amsterdam and Dubai.