Allen & Overy has advised Nam Ngiep 1 Power Company, a consortium formed by Japan’s Kansai power, the Electricity Generating Authority of Thailand (EGAT) and the Lao Holding State Enterprise, on a $916 million hydropower project on Laos’ Nam Ngiep river.

Clifford Chance advised the lenders on the deal, which included the Japan Bank for International Cooperation (JBIC) and the Asian Development Bank (ADB). 

The Japanese lender financed the project in U.S. dollars, while the Asian Development Bank financed the project in U.S. dollars and Thai baht.

This is the first time the ADB has made a Thai baht loan for a non-Thai project, and the first time that the JBIC has financed a project in Laos.

The Allen & Overy team was led by Bangkok-based project finance partner Stephen Jaggs.

DFDL and McDonald Steed McGrath acted as Laos counsel for the consortium and lenders, respectively. 

The project, which is estimated to take five years to complete, is expected to provide renewable low-cost energy to the Thai and Laos power grids.

Under offtake arrangements, 95 percent of the project’s generating capacity will go to EGAT under a 27-year take-or-pay power purchase agreement. The remainder will be generated by a powerhouse at a reregulation dam and sold to state-owned Electricité du Laos.


Related Articles

A&O, Bakers advise on Korea’s first perpetual core logistics fund

by Sarah Wong |

Allen & Overy has advised ESR Group on the establishment by its South Korean platform of Korea’s first perpetual, open-ended core logistics fund, with Baker McKenzie representing APG Asset Management on its investment into the fund exceeding $400 million.

CC, ABNR, Ginting, HBT act on $2.75 bln Indonesia toll road investment platform

by Mari Iwata |

Clifford Chance and ABNR are advising pension investor APG Asset Management on its investment in a $2.75 billion Indonesia toll road investment platform, which is being represented by Hiswara Bunjamin & Tandjung and Herbert Smith Freehills.

HKIAC appoints A&O partner as new secretary-general

by Mari Iwata |

The Hong Kong International Arbitration Centre has announced that Joanne Lau, currently a partner at Allen & Overy, will become its new secretary-general. She will commence her role on Feb. 26.