Hunton Andrews Kurth Advises UOB on the Financing of a 48 MWp Portfolio of Solar Projects in Thailand

Hunton Andrews Kurth LLP’s Bangkok office acted as lender’s legal counsel to the Thailand branch of Singapore-based multinational banking corporation United Overseas Bank Limited (“UOB”) on the financing of a THB 970 million (approx. USD 29 million) senior term loan facility to a subsidiary of Chow Energy Public Company Limited (“Chow Energy”), one of Thailand’s leading companies in renewable energy. This is one of UOB’s first financings of a portfolio of solar rooftop projects in Thailand. 

The loan will refinance the construction and development costs for Chow Energy’s solar rooftop projects with hundreds of power purchase agreements entered into with Thai state utilities, Provincial Electricity Authority and Metropolitan Electricity Authority, and commercial and industrial clients nationwide with an aggregate capacity of 48 MWp.

UOB is a leading Asian bank with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. It is rated among the world’s top banks: Aa1 by Moody’s and AA- by Standard & Poor’s and Fitch Ratings, respectively.

The Hunton Andrews Kurth team represented UOB on legal due diligence and all aspects of negotiating and preparing the suite of finance and security documents with Chow Energy until achieving the financial close in May 2022. The firm’s team was led by Bangkok-based partner Chumbhot Plangtrakul and Energy & Infrastructure associates Sudarat Sattayakawee, Jitranut Narkmai and Thaphanut Vimolkej with dedicated and invaluable support from legal assistants Chinapat Chokwitayarat, Ronnarit Ariyapattanapanich and Jidapa Songthammanuphap.