Clifford Chance

Clifford Chance advises green energy producer BCPG on acquisition in Philippines wind project

Leading international law firm Clifford Chance has advised one of Thailand's largest solar independent power producers, BCPG Public Company Limited, on its approximately US$28.5 million investment into a wind power project in the Philippines through an indirect acquisition of 40 percent equity in PetroWind Energy Inc. (PWEI). PWEI was incorporated in 2013 to develop and operate the 50 MW Nabas Wind Power Project in Nabas, Aklan, the Philippines.

Partner Joseph Tisuthiwongse led senior associate Teerin Vanikieti and lawyer Siregran Sakuliampaiboon, and coordinated teams in the Netherlands, Singapore and the Philippines in preparing the due diligence reports, Share Purchase Agreement, Shareholders Agreement and other transactional documents to complete the deal.

Joseph offers, "Renewable energy continues to evolve in the hyper-competitive and innovative South East Asia region. As power producers look to diversify into alternative sources, our team continues to build on their already market-leading position in the sector. We were delighted to bring this transaction to a successful conclusion for BCPG."

Clifford Chance last year advised on the financing of Australia's first integrated solar and storage project of scale; a Conergy-sponsored project which also received an AU$17.4 million grant from the Australian Renewable Energy Agency (ARENA). In addition, the firm's team recently instructed a consortium on the entry into binding agreements to acquire global energy provider Chevron's geothermal operations in Indonesia and the Philippines. The assets in both countries include geothermal fields with a combined capacity to generate more than 1100 MW of electricity and steam.