Banpu’s Clean Energy Investment in Sunseap Group

Bangkok lawyers recently advised client Banpu Public Company Limited (Banpu), Thailand’s biggest coal-mining company, in the acquisition, by its subsidiary Banpu Infinergy Company Limited (BPIN), of a significant minority convertible preference share interest in Sunseap Group Pte. Ltd. (Sunseap) for approximately SG$ 75 million (approximately US$ 55.7 million). Sunseap is Singapore’s largest renewable energy solutions provider of roof-top solar projects with renewable solar ground mount and roof-top pipeline projects and energy storage solutions underway in Australia, Cambodia, India, Malaysia, Thailand, and Vietnam. BPIN offers solar system consultation and installation services. The stake in Sunseap will add 47 MW of operating capacity to BPIN’s portfolio, which aims to reach 300 MW in the coming five years, and bring synergies as BPIN continues to expand its downstream power-generation business.

As investor’s counsel, Hunton’s team of lawyers advised on all aspects of the acquisition including investment structure and the negotiation and completion of the transaction documents. The Hunton team was led by partner Edward B. Koehler, counsel Chumbhot Plangtrakul and associate Peter Y. Bang with assistance from associates Brad Alexander, Christopher Huong, and Peerasanti Somritutai, junior lawyers Jitranut Narkmai and Thaphanut Vimolkej and Senior energy-specialist Nicholas Altstadt. Drew & Napier LLC and Rahmat Lim & Partners provided local counsel support in Singapore and Malaysia, respectively.