Norton Rose Fulbright and Rajah & Tann Singapore have advised on financing for PLM Power’s SGD1 billion (USD773 million) development of a 670MW hydrogen-ready H-class combined cycle gas turbine (CCGT) energy plant in Singapore.
A consortium of lenders backed the financing, which was structured as an energy transition facility. The consortium of lenders comprised Malayan Banking, DBS Bank, Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank, and the Singapore branches of National Bank of Kuwait, ING Bank, the Bank of East Asia, China CITIC Bank International and Taipei Fubon Commercial Bank. Maybank Securities acted as the financial adviser to PLM Power, a subsidiary of PacificLight Power.
Norton Rose Fulbright advised the lenders, with partners Aditya Rebbapragada and Nick Merritt leading the team. They were supported by partners Andrew Digges and Yu-En Ong, head of the firm’s Singapore office, and associate Alden Tan.
Rajah & Tann Singapore was represented by co-head of corporate real estate Chou Ching, who advised on the real estate aspects of the financing.
Construction of the power plant, located on Jurong Island, is expected to begin this year, with operations scheduled to commence in 2029. Once completed, the plant will be the largest and most efficient CCGT facility in Singapore.
The plant is expected to generate enough electricity to power more than 864,000 four-room flats for a year.
