Baker McKenzie’s Bangkok office counselled the Export-Import Bank of Thailand (EXIM Thailand), the Industrial and Commercial Bank of China’s (ICBC) Hanoi branch, and ICBC Thai in the project financing of a solar farm in Vietnam.
The project financing of a 50MW photovoltaic solar farm in Vietnam for Thinh Long Phu Yen Solar Power Joint Stock Company, a wholly-owned subsidiary of Super Energy Corporation Public Company, was valued at THB1.2 billion (US$38.6 million).
Vit Vatanayothin, Baker McKenzie’s renewable energy partner in Bangkok, led the transaction with the support of associates Tatcha Thumpramoth, Pranisa Chinkulkitniwat and Andy Thamsirisup.
Vatanayothin told Asia Business Law Journal: “The Vietnamese legal landscape is rather complex, untested, and is relatively different from that of Thailand. Vietnamese law does not recognize an offshore letter of credit issued at the request of a local Vietnamese company, but recognizes a shareholder’s offshore loan extended to a local Vietnamese company.”
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