12 January 2021
Baker McKenzie is proud to have worked on two project financing deals which won two awards from the Project Finance International (PFI) Awards 2020. The PFI Awards is one of the most prestigious in the global capital markets calendar and recognises market-leading transactions annually.
Asia Pacific Head of Projects Martin David said: "We're once again thrilled to receive the Asia Pacific Power Deal of the Year for the second consecutive year, this year for the Reliance Bangladesh Meghnaghat II gas-fired power project, and also the Asia Pacific Renewables Deal of the Year for our work on the Changfang Xidao offshore wind farm project with Copenhagen Infrastructure Partners."
"These projects saw multi-jurisdiction teams from our Singapore, Tokyo, Amsterdam, Dubai and Taiwanese member firms who worked closely together despite the limitations imposed by COVID-19 restrictions, that meant our teams had to switch to mostly online negotiations. I've said earlier that infrastructure development remains a priority to developing economies in Asia despite challenges from the spread of 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 pick up significantly."
The two award-winning projects were:
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Development and financing of the Meghnaghat II gas-fired power project in Bangladesh, which won Asia Pacific Power Deal of the Year at the PFI Awards 2020:
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This deal, where we advised and represented Reliance Bangladesh LNG & Power Company (Project Company) (a joint venture company between Reliance Power of India and JERA Co., Inc. of Japan), was led by the international projects team in Singapore, and was 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.
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The Singapore team advised on, among other project documents, the Power Purchase Agreement and Implementation Agreement 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 640 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.
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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 870 million.
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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.
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USD 3 billion project financing of the 589 MW Changfang Xidao Offshore Wind Farm Project in Changhua County, Taiwan, which won Renewables Deal of the Year at the PFI Asia Awards 2020:
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Baker McKenzie acted as Taiwan local legal counsel, with its Singapore member firm Baker McKenzie Wong & Leow as Singapore legal counsel, advising Copenhagen Infrastructure Partners, through its Copenhagen Infrastructure II and Copenhagen Infrastructure III funds ("CIP") as sponsors.
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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.
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This was the largest offshore wind project financing in Taiwan to date, and project financing was provided by 21 international and Taiwan local banks and life insurance companies and supported by seven export credit agencies and development banks.
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For further information, please contact:
Veronica Liew, Baker & McKenzie
veronica.liew@bakermckenzie.com
