Asian Development Bank’s US$37 Million Project Financing

Watson Farley & Williams has advised the Asian Development Bank on the deal.

Asian Development Bank acted as lender on a US$37m facility to finance the installation of 47.5 MW of floating solar photovoltaic (“PV”) power generation panels on the man-made reservoir of the existing Da Mi hydro power plant in Binh Thuan Province, Vietnam. The floating solar power plant is being planned by a Vietnamese hydropower producer, Da Nhim–Ham Thuan–Da Mi Hydro Power Joint Stock Company, a unit of Vietnamese power utility Electricity of Vietnam.

The project marks the first large-scale installation of floating solar PV panels in Vietnam and the largest installation in south east Asia. Financial close was on 6 December 2019.

ADB is a regional development bank supporting projects in developing countries by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

The WFW Hong Kong team that advised ADB was led by Partner Linh Doan (Picture), supported by Senior Associate Michael Folsom and Associate Edmund Poon. WFW LVN Associate Tram Nguyen advised on the Vietnamese law aspects of the deal.

Involved fees earner: Linh Doan – Watson Farley & Williams; Michael Folsom – Watson Farley & Williams; Tram Nguyen – Watson Farley & Williams; Edmund Poon – Watson Farley & Williams;

Law Firms: Watson Farley & Williams;

Clients: Asian Development Bank;

Author: Michael Patrini