Orrick and LVN & Associates, a Vietnamese law firm with which Orrick is affiliated, advised JAKS Resources Berhad of Malaysia on a $2.25 billion thermal energy project in Vietnam. The project is one of the most significant infrastructure projects in Vietnam, and reflects the increasing volume intra-regional Asian infrastructure investment.
“The Asia-Pacific region requires $8 trillion in infrastructure investment by 2020 in order to sustain its growth rates and achieve better connectivity, and much of this development will be sourced from within Asia,” explained Asia senior partner Chris Stephens, who, together with Linh Doan, founding partner of LVN and senior advisor of Orrick, advised JAKS on the deal.
The transaction involves the construction and 25-year build-operate-transfer (BOT) concession for the Hai Duong 2x600MW thermo-electric power plant and is expected to go into operation in 2016/2017.
The Hai Duong project is one of five large-scale thermal power plant projects on which Orrick is advising in Vietnam, making the firm the most active in the market.
During a ceremony in Hanoi last month, JAKS signed four major agreements: the BOT contract with the Vietnam Ministry of Industry and Trade (MOIT), the power purchase agreement with Vietnam Electricity (EVN), the coal supply agreement with Vietnam National Coal and Mineral Resources (Vinacomin) and the land lease agreement with the Department of Natural Resources and Environment of Hai Duong Province. The event was attended by representatives of JAKS, along with Vu Huy Hoang, Vietnam Minister for Industry and Trade; Nguyen Thi Minh, Vice Minister of Finance; Pham Manh Thang, General Director of the Energy Department; Dao Van Hung, Chairman of EVN; Dato’ Lim Kim Eng, Malaysian Ambassador to Vietnam; and Le Minh Chuan, CEO of Vinacomin.
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