Ashurst has advised Asian Development Bank (“ADB”) and The Siam Commercial Bank Public Company Limited (“SCB”) as lenders to two solar power projects in Thailand financed on a limited recourse project finance basis. The financing closed on 11 April 2013.
Each project entails the construction of a 16MW solar power generation plant, with a combined total capacity of 32MW. Bangchak Solar Energy Company Limited, a subsidiary of Bangchak Petroleum Public Company, is the developer of the projects and is the borrower under the facilities.
The Ashurst team was led by partner Matthew Bubb, assisted by senior associate Howard Manning and associate Andrew Smith, all based in Singapore. The Singapore team was supported by Beijing-based partner Patrick Phua and senior associate Yichen Cui, as well as Frankfurt-based counsel Maximilian Boemke on German law matters. Chandler and Thong-ek Law Office (led by Albert Chandler, Jessada Sawatdipong) acted as Thai counsel to the lenders and and LS Horizon (led by Chaipat Kamchadduskorn) advised the borrower.
Matthew Bubb commented:
“We are pleased to have advised ADB and SCB on these projects, which reflect an increasing interest in renewable energy projects in Asia from developers, financiers and investors alike.. We see increasing opportunities to work with our clients in solar, wind, biomass, geothermal, tidal and energy from waste projects in the region, drawing additionally on the strength of our global energy team in these areas.”
