Duane Morris has advised Sembcorp Industries on the execution of a power purchase agreement with Myanmar Electric Power Enterprise (MEPE) for the supply of 225 megawatts of power over 22 years in Myanmar, with Mayer Brown advising the lenders.
This agreement for a $300 million power plant represents not only the first competitively awarded independent power project to be developed in Myanmar, but also the first power project in the country to benefit from multi-sourced project financing from development institutions and international banks.
The lenders included the International Finance Corporation, the Asian Development Bank, Clifford Capital, DBS Bank, DZ Bank and Oversea-Chinese Banking Corporation. Debt and equity political risk coverage was provided by the Multilateral Investment Guarantee Agency and the Asian Development Bank.
The Duane Morris team included partners Giles Cooper in Hanoi and Carl Winkworth in London, and director Mark D’Alelio in Myanmar office.
Allen & Overy and DFDL represented the the Advisory Services unit of the International Finance Corporation as international counsel and Myanmar counsel, respectively. The A&O team was led by Bangkok partner Stephen Jaggs.
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