Norton Rose Fulbright advises on US$1.1 billion development and financing of 450MW portfolio of wind farm projects in Thailand

Global Business November 30, 2017

Global law firm Norton Rose Fulbright has advised Wind Energy Holdings (WEH), one of the largest wind power operators in Southeast Asia, as sponsor on the development and construction of 5x90MW wind farm projects in the Nakhon Ratchasima province of Thailand and Siam Commercial Bank on the financing of those projects. 

Norton Rose Fulbright assisted WEH on the negotiations of key project documents including the turbine supply agreements and other infrastructure contracts and also led for the lenders, Siam Commercial Bank, on the project financing of those projects.

The co-development of 5 utility-scale contiguous projects with common infrastructure involved the management of a high degree of complex interface risk.  Not only were turbines supplied by both GE (supplying 90 of its GE3.43-137 turbines) and Vestas (supplying 60 of its new V136-3.0MW machines) under a multi-contracting structure, but GE was also engaged to construct six substations as part of the grid infrastructure expansion and each of the 5 projects was separately project financed under a common lender.

Wind Energy Holdings currently manages over 92 percent of Thailand’s wind power generation. By 2018, and with completion of its latest five projects, Wind Energy Holdings will commercially operate a total of 720MW generation capacity from eight projects with more than 250 wind turbines installed.

The Norton Rose Fulbright team on the project was led by Asia-Pacific head of Energy, Vincent Dwyer with Simon Currie, Global head of Energy and included Singapore partner Nicky Davies, Bangkok partner Somboon Kitiyansub, Singapore senior associates William Stroll and Alex Hill, and Bangkok associates Tip-apa Limvichai, Anuwat Chaisakdanukoon and Thosaphol Thurongkinanonth. Norton Rose Fulbright’s Bangkok banking team, led by partner Tassanai Kiratisountorn acted for the lenders, Siam Commercial Bank on the project. The Bangkok team included senior associate Chormas Premsirinirund and associates Niracha Sanguankeo and Aimsarin Jirasatapananon.

Vincent Dwyer commented: “We would like to congratulate the Wind Energy Holdings and Siam Commercial Bank teams on the successful closure of such a significant project. The co-development of 5 utility-scale contiguous projects with multiple turbine suppliers and common infrastructure, and under a common lender, required significant coordination and a high degree of interface risk management.  This is a landmark deal for Thailand and the region, and confirms WEH as a market leader in the renewable energy sector in Asia-Pacific.”

Siam Commercial Bank was lender on the deal. General Electric and Vestas Wind Systems were wind turbine suppliers and GE Power the developer of six substations as part of the grid infrastructure expansion.

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Notes for editors:

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