Allen & Overy is advising a Korean-Thai-Laotian joint venture to develop, finance and build a $1.02 billion hydropower project in southern Laos.
The Xe-Pian Xe-Namnoy Power Co. Ltd.—which was formed by Korea’s SK Engineering and Construction Co. Ltd., Korea Western Power Co. Ltd., Thailand’s Ratchaburi Electricity Generating Holding Pcl. and Lao Holdings State Enterprise—is building a 410-megawatt power plant in Laos’ Attapue and Champasak provinces. Commercial operations are expected to start in 2019.
Under a 27-year power purchase agreement, 90 percent of the energy produced by the plant will be distributed to the Electricity Generating Authority of Thailand, with the remainder going to the Lao electrical grid.
Bangkok partner Stephen Jagg is leading the Allen & Overy team advising Xe-Pian Xe-Namnoy Power and its sponsors. Shin & Kim is serving as Korean counsel.
Latham & Watkins Tokyo partner Joseph Bevash and Singapore managing partner Stephen McWilliams are representing the lenders providing financing for the project, which includes Krung Thai Bank Pcl., Bank of Ayudhya Pcl., Export-Import Bank of Thailand and Thanachart Bank Pcl. Chandler & Thong-Ek Law Offices Ltd. is acting as Thai counsel to the lenders.
DFDL is acting as Lao counsel to both Xe-Pian Xe-Namnoy Power and the lenders.