Hogan Lovells advised on US$2 billion financing of Van Phong 1 BOT power project in Vietnam.
A cross-office, cross-practice team led out of Tokyo acted as common lenders’ counsel and advised JBIC, NEXI, MUFG, SMBC, Mizuho Bank, Sumitomo Mitsui Trust Bank, DBS Bank, OCBC and Bank of China in connection with the US$2 billion financing for a 1,320 MW thermal power project in Khanh Hoa province, Vietnam. Once completed, this greenfield project will be one of the largest IPP projects in Vietnam.
The Van Phong project was initially proposed by Sumitomo Corporation (sponsor) in 2006 and the government approved the project for BOT status in 2009. The electricity generated from the Van Phong power plant will be sold to Vietnam Electricity (EVN), the country’s state-owned power utility, for 25 years. The project is the first of its type to reach this stage of its financing under a new Vietnam regime for foreign currency conversion and remittance, where a 70:30 foreign currency regime was applied.
The Hogan Lovells team was led by Tokyo IERP partner Joseph Kim (Picture), and included Tokyo partner Sean Conaty, Singapore partners Alex Wong and Samantha Campbell, Tokyo associates Chantel Varley-Best and Chiyokazu Shindo, Singapore associates Benita Lee and Zack Lin, Hong Kong associate Erica Kelly, Tokyo partners Wataru Kamoto and Hiroto Imai, London counsel Nick Tidnam, Singapore associate Shobha Padmanabhan, Jakarta counsel Anthony Wooley and senior associate Randy Rifdaan, Ho Chi Minh City senior associate Long Huynh and associate Mai Phuong Nguyen, and Hanoi associate Bach Nguyen.
Involved fees earner: Samantha Campbell – Hogan Lovells; Sean Conaty – Hogan Lovells; Long Huynh – Hogan Lovells; Hiroto Imai – Hogan Lovells; Wataru Kamoto – Hogan Lovells; Erica Kelly – Hogan Lovells; Joseph Kim – Hogan Lovells; Benita Lee – Hogan Lovells; Zack Lin – Hogan Lovells; Bach Nguyen – Hogan Lovells; Shobha Padmanabhan – Hogan Lovells; Mai Phuong Nguyen – Hogan Lovells; Randy Rifdaan – Hogan Lovells; Chiyokazu Shindo – Hogan Lovells; Nick Tidnam – Hogan Lovells; Chantel Varley-Best – Hogan Lovells; Alex Wong – Hogan Lovells; Anthony Wooley – Hogan Lovells;
Law Firms: Hogan Lovells;
Clients: Bank of China; DBS Bank; JBIC – Japan Bank for International Cooperation; Mizuho Bank; MUFG; Nippon Export and Investment Insurance; OCBC Bank; Sumitomo Mitsui Banking Corporation; Sumitomo Mitsui Trust Bank;