22 October 2014
Clifford Chance advises on financing for the largest wind power project in the Philippines
Leading international law firm Clifford Chance has advised Eksport Kredit Fonden (EKF) and a group of local and international lenders on the US$315 million financing for the 150MW Burgos Wind Project in the Philippines.
Burgos Wind Project is sponsored by Energy Development Corporation (EDC) and is aiming to be the first wind project to benefit from the new feed-in-tariff regime for renewables in the Philippines. Once operational, it will be the largest wind farm in the country.
The facilities comprise US dollar and Philippine peso facilities, and will mature in 15 years. EKF, Denmark’s export credit agency, will provide a guarantee for one of the dollar facilities.
The mandated lead arrangers for the US dollar facilities were Australia and New Zealand Banking Group Limited (ANZ), DZ Bank AG, ING Bank NV, Malayan Banking Berhad (Maybank) and Norddeutsche Landesbank Gironzentrale.
The peso facility was arranged by PNB Capital and Investment Corporation and SB Capital Investment Corporation among a syndicate of local lenders – BDO Unibank, Inc., Land Bank of the Philippines, Philippine National Bank, and Security Bank Corporation.
Clifford Chance partners Philip Sealey (Perth) and Joe Tisuthiwongse (Bangkok) led an Asia-Pacific team advising EKF and the lenders, assisted by senior associates Bong-San Cho (Seoul) and Danielle Brown (Singapore) and associates Hana Bae and Rena Sasaki (Tokyo).
Singapore partner Paul Landless and associate Mae Yen Teoh advised on derivatives matters.