Milbank Spearheads Financing for the Largest Wind Power Plant in South East Asia
Milbank, an international law firm, provided legal counsel to the Asian Development Bank (ADB) and senior secured parties with the financing and construction of a groundbreaking 600-megawatt wind power plant in southern Laos. This significant project not only marks the first wind power plant in Laos but also stands as the largest of its kind in Southeast Asia.
In addition to Milbank, several other reputable law firms provided legal advisory services to the lenders and sponsors involved in the project. The lenders were advised by Frasers Law Company, Allen & Gledhill, and LS Horizons, while the sponsors, Monsoon Wind Power Company, were represented by Hunton Andrews Kurth, DFDL, and Vilaf.
The Milbank team was led by Partner James Murray, who played a pivotal role in overseeing and guiding the legal aspects of the wind power plant project.
Situated in Laos' Sekong and Attapeu provinces, the wind power plant consists of 133 wind turbines and is poised to export electricity to Vietnam. This significant development is made possible through a power purchase agreement with Vietnam Electricity, the state-owned electric utility in Vietnam. The cross-border partnership enables the wind power plant to contribute to the renewable energy sector by supplying electricity to meet Vietnam's energy demands.
“Developing economies in Asia and the Pacific face shortfalls in climate investments that are needed to clear a pathway to green growth. The syndication of development and commercial financing for this project bridges this gap,” ADB said in a statement.
Alongside the Asian Infrastructure Investment Bank, the Hong Kong Mortgage Corporation, the Japan International Cooperation Agency, the Export-Import Bank of Thailand, Kasikornbank, Sumitomo Mitsui Banking Corporation, and Siam Commercial Bank also participated as lenders in the project.