Mayer Brown picked up the “Asia Pacific Power Deal of the Year” at the 2017 PFI Awards and the “Project Finance Deal of the Year” award at the International Financial Law Review (IFLR) Asia Awards 2018 for advising the lenders to Sembcorp in the development of the US$300 million Myingyan 225MW gas-fired power project.
The loan to Sembcorp, a leading energy, water and marine group, was the largest of its kind in Myanmar. The ground-breaking project is Myanmar’s first internationally and competitively tendered power project, as well as the country’s first multi-lender power financing and the first such financing by the Asian Infrastructure Investment Bank (AIIB).
Mayer Brown advised the Asian Development Bank (ADB), International Finance Corporation (IFC), OCBC, DBS Bank, Asian Infrastructure Investment Bank (AIIB) and Clifford Capital.
The Mayer Brown team was led by Singapore-based partner Benjamin Thompson.
Nathan Dodd, head of Southeast Asia projects, commented, “This was Myanmar’s first long-term project financing. Mayer Brown is proud of its role in formulating a risk allocation acceptable to the international lending community, against an evolving regulatory backdrop in Myanmar.”
Benjamin Thompson added, “Given the potential size of the Myanmar power market and urgent need to close the country’s power deficit, the Myingyan project is the first of its kind and will set the standards for those power projects that will follow. This will significantly contribute to the development of the Myanmar power sector for years to come.”
The PFI Awards, which takes place in London, is a prestigious event for the project finance community that celebrates outstanding transactions across the globe. The annual IFLR Asia Awards in Hong Kong brings together the city’s legal industry to recognize the distinct value that law firms provide for their clients and the innovative solutions they develop to carry out highly complex transactions.