Hunton Andrews Kurth Advises MWPCL on $692 Million Project Financing for the Largest Wind Power Project in Southeast Asia

Hunton Andrew Kurth LLP’s Bangkok, Tokyo and London offices, acting as international counsel, advised Monsoon Wind Power Company Limited (“MWPCL”), the project company of the joint venture between the major sponsors Impact Electrons Siam Company Limited (“IES”), ACEN Renewables International Pte. Ltd., BCPG Public Company Limited and Mitsubishi Corporation, in securing a USD 692 million nonrecourse project financing package from Asian Development Bank, Asian Infrastructure Investment Bank, Japan International Cooperation Agency, Export-Import Bank of Thailand, the Hong Kong Mortgage Corporation Limited, Kasikornbank Public Company Limited, Sumitomo Mitsui Banking Corporation and Siam Commercial Bank Public Company Limited to develop, construct, and operate a 600 MW wind power project and its dedicated 500kV transmission line (“Monsoon Wind Power Project”) in the Sekong and Attapeu provinces in southern Lao PDR with interconnection into Vietnam for power offtake by Vietnam Electricity (“EVN”), the Vietnam national utility.

The Monsoon Wind Power Project is recognized as the largest renewable energy wind farm project in Southeast Asia and the first cross-border wind energy plant in Lao PDR. Under a 25-year power purchase agreement, the electricity generated by the Monsoon Wind Power Project will be sold to EVN.

The Monsoon Wind Power Project allows for Lao PDR to transition to clean energy with lasting benefits for Lao PDR and its economy. The Monsoon Wind Power Project is projected to offset over 35 million tonnes of greenhouse gas throughout its lifetime.

Hunton Andrews Kurth’s lawyers advised MWPCL on all aspects of the project development, negotiations, financing and finalization of the transaction documents to successfully achieve first drawdown on 20 April 2023.

This project finance team effort was led by Bangkok-based partners, Edward B. Koehler, James P. Bradley, and Chumbhot Plangtrakul, Tokyo-based partner Sean C. Conaty, and London-based partner Ferdinand Calice. Providing assistance were Bangkok-based associates Sudarat Sattayakawee, Ryan Kim and Kris R. Leevongcharoen, and London-based Katrina Ashman.