Clifford Chance advises HSBC on CLP Holding’s HK$10 billion acquisition financing

Leading international law firm Clifford Chance has advised The Hongkong and Shanghai Banking Corporation Limited as underwriter, bookrunner and mandated lead arranger on the HK$10 billion financing of the acquisition by CLP Power Hong Kong Limited, a subsidiary of CLP Holdings Limited, of an additional 30% stake in Castle Peak Power Company Limited and a 51% stake in Hong Kong Pumped Storage Development Company, Limited.

The financing included a syndicated revolving credit facility made available by HSBC, ANZ, BTMU, Mizuho, Standard Chartered, Barclays, CBA, Citi, Deutsche Bank, National Bank of Abu Dhabi, RBS, Scotiabank and Westpac.

“We are delighted to have advised HSBC on this high profile and strategically important acquisition financing”, said Finance partner Matthew Truman who led on this transaction.

Matthew was supported by registered foreign lawyer Chris Wall, associate James Tong and trainee Catherine Conway.

CLP Holdings Limited is the holding company for the CLP Group, one of the largest investor-owned power businesses in Asia Pacific. Through CLP Power, it supplies electricity to 80% of Hong Kong’s population. Outside Hong Kong, CLP holds investment in the energy sector in Australia, Mainland China, India, and Southeast Asia and Taiwan. Its diversified portfolio of generating assets uses a wide range of fuels including coal, gas, nuclear and renewable sources.

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