Baker McKenzie assisted BIM Group and ACEN Corporation in successfully securing a USD 107 million financing package from Asian Development Bank (ADB) for BIM Wind Power Joint Stock Company ("BIM Wind") to support the operation of an 88-megawatt wind farm in Ninh Thuan Province, Vietnam. 

In addition, BIM Wind has also been granted USD 5 million from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund, which will be used for initiatives related to environmental and social safeguards.

The power plant is expected to help Vietnam reach its clean energy and climate action targets by offsetting about 215,000 tons of carbon dioxide annually. 

BIM Wind is jointly owned by ACEN Corporation through its subsidiary, ACEN Vietnam Investments Pte. Ltd., and the BIM Group through its subsidiary, BIM Energy Holding Corporation (BIMEH). BIM Group is one of the largest private conglomerates in Vietnam with interests in real estate, hospitality, agriculture, aquaculture, renewable energy, and consumer services. ACEN is a subsidiary of Ayala Corporation, one of the largest and most diversified conglomerates in the Philippines. 

Baker McKenzie fielded a cross-office team for the deal, which was led by Partner Oanh Nguyen and Senior Associate Thai Ninh (Daniel) Ngo for the Vietnamese law workstream. The English law worksteam was led by Principal Andrew Zaw and Associate Claudia Arbon of member firm Baker McKenzie Wong Leow in Singapore. Baker McKenzie's working team also includes Trainee Solicitors Nguyen Phuoc Anh Tram, Kim Nguyen Mai Thy and Van Thieu (Toby) Dong in the Ho Chi Minh City office, as well as Law Clerk Dang Hoang Nguyen in the Hanoi office.

Commenting on the deal, Oanh said: "We are very pleased to have been able to assist in this important transaction, which supports Vietnam's transition to a low-carbon economy."

"This transaction further demonstrates the strength of our project financing practice, which leverages our deep local expertise and regional experience. We look forward to continuing to support our clients with their legal needs as they pursue their mission toward the sustainable development of clean energy in Vietnam."
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