Baker McKenzie is proud to have worked on two project financing deals which won two awards for 2020 from Project Finance International (PFI), and an award for 2021 from IFLR Asia Pacific.
The PFI Awards are widely regarded as one if not the most prestigious in the global project financing industry and the IFLR Asia Pacific Awards are seen as global recognition for the region's most innovative cross-border transactions.
Asia Pacific Head of Projects Martin David said: "We're once again thrilled to receive these two highly coveted awards, of Asia Pacific Power Deal of the Year for the second consecutive year, for the Reliance Bangladesh Meghnaghat II gas-fired power project, and the Asia Pacific Renewables Deal of the Year for our work on the Changfang Xidao offshore wind farm project with Copenhagen Infrastructure Partners. We are also very proud that this offshore wind farm project has also been awarded Project Finance Deal of Year by IFLR Asia Pacific Awards.
"These projects saw our teams in Singapore, Tokyo, Amsterdam, Dubai and Taiwan working closely together despite the limitations imposed by COVID-19 restrictions extending for most of the duration of the transaction. This resulted in our teams working almost entirely on line, including leading complex multi-country and multi-party negotiations across all the global time zones!"
Martin continued: "Earlier this year, I've said that infrastructure development remains an ever increasing priority for developing economies in Asia. These transactions demonstrate that that projects continue to be implemented despite the challenges from the pandemic. Looking ahead to recovery for many countries next year, and with the promise of vaccines deployed across Asia Pacific in early 2021, we foresee project activity to continue with a significant pick up as a result of the pent up demand in many emerging economies that have had business activity curtailed by a slowdown in industrial output caused by country-wide lockdowns and travel restrictions.."
The award-winning projects were:
Development and financing of the Meghnaghat II gas-fired power project in Bangladesh (PFI's Asia Pacific Power Deal of the Year 2020):
- Where we advised Reliance Bangladesh LNG & Power Company (Project Company) (a joint venture company between Reliance Power of India and JERA Co., Inc. of Japan). The international Projects team in Singapore supported the client, led by Principals Martin David and Ang Kim Hock, Local Principals Andrew Zaw and Dennis Lim and Associates Satta Chairasmisak, Shi Ning Ong and Terence Tim, with support from our offices in Tokyo, Amsterdam and Dubai.
- The team advised on the development and financing of the project including advice on the Power Purchase and Implementation Agreements with the Bangladesh Power Development Board and the Government of Bangladesh/Power Grid Company of Bangladesh (respectively), the Engineering, Procurement and Construction Contract entered into with Samsung C&T Corporation of South Korea and the major parts and maintenance agreements entered into with General Electric of USA. The team also advised on the circa 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 project is a 718MW (net) Combined Cycle Gas Fired Power Plant located at Meghnaghat, Bangladesh being developed by the Project Company with total project costs of approximately USD 900 million.
- The Singapore team initially acted for JERA Co., Inc. (the largest power generation company in Japan), in its 2019 acquisition of a significant stake in the project from Reliance Power of India and then was subsequently appointed as the Project Company's counsel in connection with the development and financing of the project.
USD 3 billion project financing of the 589 MW Changfang Xidao Offshore Wind Farm Project in Changhua County, Taiwan (PFI's Asia Renewables Deal of the Year 2020 and IFLR's Asia Pacific Project Finance Deal of Year 2021):
- Baker McKenzie's Taiwan office acted as local legal counsel and the team in Singapore as Singapore legal counsel, advising Copenhagen Infrastructure Partners, through its Copenhagen Infrastructure II and Copenhagen Infrastructure III funds as sponsors.
- The Taiwan team was led by Senior Consultant Murray Bowler and Principal Tiffany Huang, and supported by Partners Su-Fen Chen, Melanie Ho and David Lin, Associate Partners Evangeline Wang, Claudia Chen and Jun Chen, Consultant Tom Chou, Associates Shinn-Yih Ho, Yiting Lin, Charlotte Chang, Alison Chen, Jady Kao and Hui-Heng Hong (from Baker McKenzie's Taipei office) and also supported in Singapore by Principal Kim Hock Ang and Associates Shi Ning Ong and Satta Chairasmisak.
- 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 and supported by seven export credit agencies and development banks.