Watson Farley & Williams (WFW) instructed lender Asian Development Bank (ADB), in financing the US$37 million installation of floating solar photovoltaic power generation panels.
The 47.5MW facility is on the man-made reservoir that houses Da Mi hydro power plant, in Vietnam’s Binh Thuan province. It is the first large-scale installation of floating solar PV panels in the country, and the largest of its kind in Southeast Asia.
A cross-border team from WFW Hong Kong and its associated law firm in Vietnam, WFW LVN & Associates, advised as international and local Vietnamese counsel in financing documentation and providing the due diligence report for the project.
The Hong Kong team was led by partner Linh Doan and supported by senior associate Michael Folsom and associate Edmund Poon. WFW LVN associate Tram Nguyen advised on the Vietnamese law aspects of the deal.
The floating solar power plant was 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. Financial close on the project was on 6 December 2019.