Baker advises on Vietnamese solar plant finance

Baker advises on Vietnamese solar plant finance

Baker McKenzie helped grant USD35 million in facility credits to the Export-Import Bank of Thailand (Thai EXIM Bank) and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), which will be distributed to Truong Thanh Quang Ngai Power and High Technology Joint Stock Company (TTQN).

TTQN is a Vietnamese project company that has developed, constructed, owned and operated a solar power plant in Binh Nguyen province in Vietnam with an aggregate generation capacity of about 50MW.

The imbalance in security packages taken by Thai EXIM Bank and the BIDV led to complex and heavily negotiated inter-creditor agreements and cash waterfall terms, creating unique features for Vietnam’s renewable project financing.