DFDL Helps Secure Vietnam’s First Certified ‘Green Loan’

DFDL has been honored by LegalOne for its key role in an historic deal to secure cross-border financing for a solar energy farm in Vietnam – the country’s first-ever “Green loan.”

Members of DFDL’s Energy, Mining and Infrastructure practice acted as legal counsel in Vietnam for B.Grimm Power Plc, which secured a USD 186 million loan from the Asian Development Bank (“ADB”) and other key lenders, and its Vietnamese subsidiary Phu Yen TTP Joint Stock Company.

Phu Yen TTp will own and operate the Hoa Hoi solar farm in Phu Hoa district of the central coast province of Phu Yen. The solar plant will have a generating capacity of up to 257 MW and will help reduce carbon dioxide, marking Vietnam’s first “green loan” as certified by the Climate Bonds Initiative, a global environmental campaign.

DFDL’s significant role in the deal earned praise from LegalOne, a legal industry publication. LegalOne awarded the deal a score of 7.5 out of 10, based on research and a series of algorithms that factor in elements such as the significance, complexity, creativity and value.

Along with the ADB, the deal included Leading Asia’s Private Sector Infrastructure Fund and commercial banks such as Bangkok Bank, Kasikorn Bank, Kiatnakin Phatra Bank, Industrial and Commercial Bank of China and Standard Chartered. 

The complex deal between Bangkok-based B.Grimm and its Vietnamese subsidiaries and stakeholders was a showcase of DFDL’s ability to advise both sponsor and borrower in structuring cross-border financing and refinancing.

DFDL wishes to congratulate the key team members, Martin Desautels (Senior Partner), Walanchathas Sanguanwong (Partner), Hoang Phong Anh (Partner) and Dave Seibert (Senior Legal Adviser) for their efforts on this project.

The full LegalOne announcement can be read here.