The ground-breaking financing of the Myingyan independent power project in Myanmar has been recognized in separate awards ceremonies held by Thomson Reuters publication Project Finance International (PFI) and IFLR Asia Awards. The official awards were for ‘Asia-Pacific Deal of the Year 2017’ and ‘Project Finance Deal of the Year 2018’, respectively.
DFDL acted as local counsel to the lenders, Clifford Capital and a consortium of banks on the deal, along with the Asian Development Bank and the International Finance Corporation. The team provided Myanmar law analysis on all project documents and the security package, making a substantial contribution to the success of the transaction.
The 225MW Myingyan gas-fired power project sets a significant precedent for future infrastructure projects in Myanmar. The loan to developer Sembcorp is the first major project financing as well as the first multi-lender financing for the country. The project also represents the first internationally tendered power project in Myanmar. Both the PFI and IFLR awards are bestowed on the most innovative and groundbreaking project finance deals for the year in each region.