Ocampo & Suralvo Law Offices (OS Law) has advised Gunkul Engineering on a deal to develop Asia’s largest floating solar project on Laguna Lake in the Philippines.
In a Stock Exchange of Thailand disclosure document, Gunkul said it would acquire a 40% stake in Philippine-based renewable energy company Blue Solar Holdings for THB7.5 billion (USD223 million). The acquisition will be conducted via its wholly owned subsidiary, Gunkul International (Mauritius).
The OS Law team was led by managing partner Jude Ocampo, who received support from partners Cristina Suralvo, head of the energy practice, and Lyra Flores-Bisnar, who joined the firm at the beginning of this month.
“We served as Philippine counsel to Gunkul Engineering, a publicly listed Thai renewable energy company, advising on all aspects of its investment in this portfolio of solar energy projects in the Philippines. The head of our energy practice, Christina Suralvo, and I led the legal and technical due diligence review of the target holding company and its project subsidiaries,” Ocampo told Asia Business Law Journal.
“[Partner] Christine Antonio led the negotiations on the financing aspects of the transaction. I then took the lead on negotiating the definitive transaction agreements governing Gunkul’s acquisition of [a] significant stake in the target holding company and the development services agreement covering the post-closing development of the project portfolio.”
Ocampo said one of the key challenges was aligning the parties’ respective requirements on key deal terms.
“The transaction was notable for its scale and complexity, involving the acquisition of a holding company and 10 project special purpose vehicles. One of the principal challenges was navigating the competing commercial priorities of our client, Gunkul, and the vendor, SunAsia Energy. Both parties had very specific requirements on key deal terms, and we worked closely with the Siguion Reyna, Montecillo & Ongsiako Law Offices team, who acted for SunAsia, to devise workable structures and solutions that ultimately satisfied the commercial objectives of all parties,” he said.
In a LinkedIn post, Gunkul said the first phase of the floating solar project would deliver 784MW under a 20-year power purchase agreement, with the commercial operation scheduled to commence in the fourth quarter of 2027.
