3 April 2018
Clifford Chance advises on US$1 billion Nam Theun 1 Power Project in Laos
Leading international law firm Clifford Chance has collaborated with Thai law firm Chandler MHM to advise Bangkok Bank PCL, Export-Import Bank of Thailand, The Siam Commercial Bank PCL, and TISCO Bank PCL, on the financing of the US$1 billion Nam Theun 1 hydroelectric power project on the Nam Kading river in Laos. The key project sponsors were the Phonesack Group. Co. Ltd. and Electricity Generating Public Company Limited (EGCO).
The project entered into power purchase agreements with the Electricity Generating Authority of Thailand (EGAT) and Electricité Du Laos (EDL) to supply 514.3 MW of power to EGAT, and 130 MW to EDL for 27 years, starting on the commercial operation date (COD) in 2022. Financial Close occurred in March 2018.
Partner Fergus Evans led the transaction and was supported by associates Chanuth Tansomboon, Wassamon Puthipad, and Nattawat Vilasdechanon.
Fergus comments, "This project brought together the best local and international law teams to deliver a great result for the sustainable production of power in the region. We are delighted to have been part of that team."
Chandler MHM worked with Clifford Chance to provide Thai law advice. The Chandler MHM team was led by partner Joseph Tisuthiwongse who was supported by Disaporn Saengpetch, Nopamon Thevit Intralib and Kobkul Trakulkoed. Chandler MHM specialises in the energy sector and also represented the syndicated lenders on the development of the Nam Theun 2 hydroelectric power project in Lao PDR, which closed in 2005, with a March 2010 COD.