Chandler MHM

Practices

Banking and Project Financing

Banking and Project Financing

Chandler MHM’s large and experienced Banking and Project Financing practice group has a track record of advising on some of Thailand’s and neighboring countries’ most significant transactions. The group acts for local and international lenders, sponsors and borrowers, and its top tier reputation is linked to long‐standing relationships with major commercial banks in Thailand, and with leading, international financial institutions.

The group has extensive experience in project finance, particularly on cross‐border transactions, and its full range of legal expertise includes: syndicated loans, single‐lender loans, project financings, refinancings, and all forms of security arrangements.

Cross-Border Projects

  • Nam Theun I - acting for The Siam Commercial Bank, Bangkok Bank, TISCO Bank, and the Export-Import Bank of Thailand on the financing of the Nam Theun 1 Hydropower Project (NT1; a hydropower project with installed capacity of 650 MW, with 3 generating units (2 x 260 MW and 1 x 130 MW), in Bolikhamxay Province, Laos PDR). The financial close was in March 2018.
  • BCPG Pcl. - acting for BCPG, one of Thailand’s and Southeast Asia’s largest renewable energy producers, on a cross-border syndicated financing from leading financial institutions for acquisition of geothermal assets in Indonesia. Closed July 2017
  • Japanese Real Estate Developer and Share Acquisition - acting for a major Japanese real estate developer on a cross border investment through a share acquisition in six real estate development projects in Bangkok, and a joint venture with a Thai listed company. Closed December 2017.
  • Minbu - acting for Krung Thai Bank and Export-Import Bank of Thailand, as lenders, on Thai law aspects of project financing for development of a 4-phased 220 MW solar plant in Myanmar. Advice focused on loan documentation and security planning regarding sponsor’s concession to develop/operate this project on a 30-year BOT basis; off taker was Myanmar Electric Enterprise (MEPE), the Ministry of Electric Power. Myanmar Investment approved Commission (MIC) approved the project in March 2017.
  • Sabeco-ThaiBev - acting for international banks as lenders, Mizuho Bank Ltd. (Singapore Branch), and Standard Chartered Bank (Singapore Branch) of USD 1.950 billion in financing to Thai Beverage PCL (ThaiBev), ultimate parent company of Vietnam Beverage Co., Ltd., to support acquisition of 343.6 million shares of Sabeco in Vietnam. At the close of the transaction, Vietnam Beverage became Sabeco’s parent company, and held a controlling interest in Sabeco. With this and an earlier Vietnam Beverage acquisition in Sabeco, the combined transactions were recognized as the largest share sale in Vietnam in 2017.
  • Hongsa lignite-fired 1.9 MW power project - acting for lenders led by Bangkok Bank on this major power project in Hongsa District, Laos PDR. Closed October 2010.
  • Xayaburi Hydroelectric Power Project - acting for lenders, Bangkok Bank, Krung Thai Bank, The Siam Commercial Bank, KASIKORNBANK, Export-Import Bank of Thailand, and TISCO Bank, on financing, due diligence, and EPC contract for this 1.3 MW hydro-project in Laos PDR. Closed April 2012.

Major Energy Projects ・Thailand

  • Bangkok Bank PCL - acting for the bank on financing to Fuel Transportation Pipeline for construction of a fuel pipeline from Ayudhaya Province in central Thailand to the country’s Northern provinces, and for fuel tank farms in areas along the pipeline. On-going.
  • Bangpa-in Cogeneration (Phase II) - acting for syndicated lenders on financing of a second Small Power Producer (SPP) gas-fired power plant. Closed February 2015.
  • Nava Nakorn Electricity Generating Co., Ltd. (NNEG) - acting for NNEG on, (i) development of a gas-fired combined-cycle 116 MW power plant in Ratchaburi, Thailand, and on, (ii) negotiation of the financing documents and security documents for the USD 528.3 million financing. Closed May 2014.
  • Coastal Energy - acting for lenders on Phase III financing of Thailand petroleum exploration and development. Closed October 2013.
  • Khanom Electricity Generating Co., Ltd. (KEGCO) - acting for lenders on the major project financing of a 920 MW gas-fired power project. Closed December 2013.

Renewable Energy Projects ・ Thailand

  • Combined Heat and Power - acting for TMB, as lender, on financing for Combined Heat’s development of 5 MW solar plants under Thailand’s Very Small Power Producer (VSPP / agricultural cooperative sector) program. VSPP projects are a high priority for the Thai government, and aim to promote diversification of electricity supply and rural electrification by independent power producers. Legal work is also complex under the ‘agricultural cooperative sector’ program, as it must comply with a rapidly evolving regulatory framework. Closed December 2017.
  • Ratchaburi-EEP - acting for Krung Thai Bank, as lender, on financing for the Ratchaburi-EEP Renewable Energy Co., Ltd. development of a refuse-derived (RDF) power plant under Thailand’s Very Small Power Producer (VSPP) program. The VSPP program aims to diversify electricity supply/rural electrification by independent power producers, and Ratchaburi-EEP aims to produce energy aligned with government’s VSPP and Power Development (PDP) plans. The firm added value through its in-depth understanding of the Thai government’s evolving renewable energy framework. Closed 2017.
  • Alliance Clean Power - acting for The Siam Commercial Bank on financing of a waste-to-energy, Very Small Power Producer (VSPP) project. Closed January 2015.
  • Watabak Wind Project - acting for The Siam Commercial Bank on financing for development of a 60 MW wind farm, Small Power Producer (SPP) power plant in Chaiyaphum Province. Closed October 2015.
  • Bangchak Solar - acting as Thai counsel to ADB and The Siam Commercial Bank on project financing of solar power plants across Thailand. Closed April 2013.

Infrastructure / Real Estate Projects ・ Thailand

  • Project H3 Loan for Acquisition of Additional Assets - acting for CIMB Thai Bank PCL., as lender to HREIT on the acquisition of additional assets, including land and buildings comprising nine factories and warehouses located in industrial estates and logistics parks across Thailand. Closed December 2018.
  • Ananda MF Asia - acting for Krung Thai Bank, KASIKORNBAN, TMB Bank and UOB (Thailand), as lenders to Ananda MF Asia for the development 9 luxury condominium projects in Bangkok Work included: preparation of all financing documents, structuring of the shareholder agreement, preparation of the facility agreement, and security documents. Value: USD296.2 million. Closed March 2018
  • Financing for Development and Implementation of a Petrochemical Plant - acting for a major listed Thai petrochemical company on the financing for the development and implementation of a new petrochemical plant. Closed December 2017.
  • CH. Karnchang PCL - acting for Bangkok Bank, Krung Thai Bank, and The Siam Commercial Bank on construction financing to the contractor for the design, procurement, installation of equipment, construction, completion, commissioning and maintenance of the Si-Rat-Outer Ring Road Expressway Project.
  • Don Muang Tollway - acting for lenders on the financing and refinancing of the Don Muang Tollway project.
  • Purple Line Project - acting for lenders on construction financing by Krung Thai Bank, Bank of Ayudhya TMB Bank, and Thanachart Bank for CH. Karnchang PCL relating to development of the Purple Line, of the Mass Rapid Transit Authority of Thailand. Closed May 2013.

Enquiries about Banking and Project Financing

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Jessada Sawatdipong

V. Joseph Tisuthiwongse

Banking and Project Financing:People