Baker McKenzie recently acted as international and Vietnamese law counsel to the Export-Import Bank of Thailand ("Thai EXIM Bank") and the Joint Stock Commercial Bank for Investment and Development of Vietnam ("BIDV") in relation to the granting of USD 35 million credit facilities to Truong Thanh Quang Ngai Power and High Technology Joint Stock Company ("TTQN").

TTQN is a Vietnamese project company and is the subsidiary of Sermsang Power Corporation Public Company Limited ("SSP"), which has developed, constructed, owned and been operating a solar power plant in Binh Nguyen province in Vietnam with an aggregate generation capacity of approximately 50 megawatts.

One of the innovative features of this project financing is that the BIDV, as onshore lender, also granted a Vietnamese dong term loan to TTQN and took security over immovable properties (which the Thai EXIM Bank is not eligible to take). The imbalance in security package taken by Thai EXIM Bank and the BIDV, respectively, has led to a remarkably complex and heavily negotiated inter-creditor agreement and cash waterfall terms and conditions, which set up unique features in the Vietnamese renewable project financing space.

The Baker McKenzie team was led by Vit Vatanayothin, the renewable energy partner in the Bangkok office. He was supported by Senior Associates Tatcha Thumpramoth, Sitikorn Tangsiri and Prachaya Apibansri in the Bangkok office and a cross-office team of lawyers including Partner HoangKimOanh Nguyen, who leads the Firm's Banking & Finance and Capital Markets practice in Vietnam; Special Counsel Linh Chi Dang; Senior Associate Thai Ninh (Daniel) Ngo; and Associate Viet Trung Nguyen in Vietnam.

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