Asia Infrastructure Awards 2019 - Best Deals by Country -ASEAN

The Asset Triple A
Infrastructure Awards 2021

Country deal awards (ASEAN)

Indonesia
Renewable energy deal of the year – Solar
Quantum and Sambelia
US$20 million solar power projects
Sponsors
Berkeley Energy, ib vogt
Sole mandated lead arranger and lender
Societe Generale
Legal advisers
Ashurst, Oentoeng Suria & Partners
These are the first solar power projects financed by an international commercial bank and support Perusahaan Listrik Negara’s strategy to boost electrification in remote areas, increase the share of renewables in the energy mix, reduce reliance on diesel and lower power generation costs.
Renewable energy deal of the year – Wind
PT UPC Sidrap Bayu Energi
US$114.47 million refinancing
Sponsor
AC Energy, UPC Renewables
Mandated lead arrangers, underwriters and bookrunners
Sumitomo Mitsui Banking Corporation, DEG, PT Bank BTPN Tbk, PT Indonesia Infrastructure Finance, PT Sarana Multi Infrastruktur
Legal adviser
Shearman & Sterling
The Sidrap 1 wind farm is the first wind power project in Indonesia and the largest of its kind in Southeast Asia. It is the first offshore greenfield investment of AC Energy in partnership with UPC Renewables Indonesia. The facility refinanced the loan originally provided by the US International Development Finance Corporation.
Renewable energy deal of the year – Hydro
PT Bajradaya Sentranusa Asahan I
US$230 million loan facility
Sponsors
Perusahaan Listrik Negara, RATCH Group
Mandated lead arranger and lender
International Finance Corporation
Lenders
PT Indonesia Infrastructure Finance, Hong Kong Mortgage Corporation, Bayfront Infrastructure Capital, Natixis, SG Corporate Finance, Sumitomo Mitsui Banking Corporation
Legal advisers
Shearman & Sterling; Ali Budiardjo, Nugroho, Reksodiputro, Baker McKenzie, Wong & Leow, Nurhadian Kartohadiprodjo Noorcahyo
The loan facility will support the long-term operation of the plant to provide low-cost, renewable and dependable power supply in North Sumatra province that is often hit by power shortages.
Malaysia
Renewable energy deal of the year - Solar
Kerian Solar
342 million ringgit financing
Sponsors
ENGIE Asia-Pacific, TTL Energy
Mandated lead arranger and green structuring adviser
MUFG Bank
Mandated lead arrangers
BNP Paribas, Sumitomo Mitsui Banking Corporation
Second party opinion provider
Sustainalytics
Legal adviser
ZICO Law, Adnan Sundra & Low
To finance the construction of a greenfield 100MWac solar power plant in state of Perak with green loan certification from Sustainalytics. The project will contribute towards a carbon emission reduction of 157.2 tonnes of carbon dioxide per year.
Water deal of the year
Pengurusan Air Selangor
1.1 billion ringgit murabaha sukuk
Sponsor
State government of Selangor
Shariah adviser, principal adviser, lead arranger and lead manager
Bank Islam Malaysia
Lead managers
Affin Hwang Investment Bank, CIMB, Maybank Investment Bank, OCBC Al-Amin Bank
Legal advisers
Shook Lin & Bok
To finance capital expenditures for construction of new water treatment plant and enhancement of non-revenue water and pipe replacement. The deal, which was Air Selangor’s first sukuk issuance in the debt capital markets, was upsized from the initial target of 700 million ringgit due to strong demand.
Philippines
Telecom deal of the year
Globe Telecom
US$600 million dual-tranche senior notes
Sponsors
Asiacom Philippines, Singtel, Ayala Corporation
Global coordinators, bookrunners and lead managers
HSBC, J.P. Morgan
Bookrunner and lead manager
BPI Capital Corporation
Legal advisers
Milbank, Latham & Watkins, Romulo Mabanta Buenaventura, Linklaters
Globe Telecom is putting up 32 new towers is several areas in Quezon City, the most populated city in the Philippines, and is rolling out fibre lines in key cities in the country. It is firing up its 5G network as well, targeting areas in key location in the country.
Water deal of the year
Wawa JVCo
20 billion pesos term loan facility
Sponsors
Prime Metroline Infrastructure Holdings Corporation, San Lorenzo Ruiz Builders and Development Group
Lead arranger and sole bookrunner
BDO Capital & Investment Corporation
Lender
BDO Unibank
Legal advisers
Picazo Buyco Tan Fider & Santos, Sycip Salazar Hernandez & Gatmaitan
The project, once completed by 2025, is designed to significantly augment the water supply in Metro Manila. It involves the construction of the Upper Wawa dam in the province of Rizal under a 30-year offtake agreement with water concessionaire Manila Water Company.
Singapore
Renewable energy deal of the year – Solar
Sembcorp Floating Solar Singapore
S$40 million financing
Sponsor
Sembcorp Industries
Sole financier
DBS
Legal adviser
Allen & Gledhill
To finance the construction of a 60MWp floating solar photovoltaic system at Tengeh reservoir – one of the world’s largest inland floating solar photovoltaic farms. It will offset about 32 kilotonnes of carbon emissions annually.
Digital infrastructure deal of the year
I Squared Capital
acquisition of Mateen Cloud Ventures and Infofabrica Holdings
Legal adviser
Shearman & Sterling
Independent global infrastructure investment manager I Squared Capital, through its ISQ Global Infrastructure Fund, acquired and combined Mateen Cloud Ventures and Infofabrica Holdings, two Singapore-based cloud migration services companies, which will become a leading cloud migration and managed services provider in Southeast and India, providing capability across all major public cloud operators.
Green project of the year
Seven Yield Holding Pte Limited
US$92 million green loan Jolco (Singapore)
Sponsor
Siem Industries
Sole arranger and green structuring bank
Credit Agricole CIB
Second party opinion provider
DNV
Legal advisers
Norton Rose Fulbright, Nishimura & Asahi
This is the first green loan Japanese Operating Lease with Call Option (Jolco) for shipping assets. The two LNG-powered car carriers operate exclusively for Volkswagen, on its routes between Germany and North America.
Thailand
Battery storage deal of the year
Lomligor Company Limited
616.1 million baht equivalent loan
Sponsor
BCPG Public Company Limited
Lenders
Asian Development Bank, Clean Technology Fund, Kasikornbank
Legal advisers
Chandler MHM Limited, Hunton Andrews Kurth (Thailand)
To finance a 10-MW wind power project with an integrated 1.88-megawatt-hour pilot battery energy storage system. The project is the first private sector project in Thailand to integrate utility scale wind power generation with battery energy storage and will have an important demonstration effect.
Green project of the year
Energy Absolute Public Company Limited
US$50.4 million in baht equivalent loan
Sponsor
Energy Absolute Public Company Limited
Lender
Asian Development Bank
Legal adviser
Mayer Brown
To support the long-term financing of the company’s 260-MW wind power project to bolster the implementation of one of Southeast Asia’s largest electric vehicle charging network. The green loan is expected to be the first certified climate loan in Thailand and one of the first in Asia.
Power deal of the year
B.Grimm Power Public Company Limited
29.58 billion baht term loan facilities
Sponsor
B.Grimm Power Public Company
Financial adviser and mandated lead arranger
Kasikornbank
Legal advisers
Chandler MHM Limited, Baker McKenzie
To raise debt financing for seven gas-fired cogeneration power projects in one transaction, representing the first project financing for small power producer (SPP) replacement scheme in Thailand.
Transport deal of the year
BTS Group Holding Public Company Limited
8.6 billion baht private placement green bond
Sponsor
BTS Group Holding Public Company Limited
Lead arrangers and bookrunners
Bangkok Bank, Siam Commercial Bank, Krungthai Bank
Second party opinion provider
Sustainalytics
Legal adviser
Weerawong, Chinnavat & Partners
The proceeds are used for investment and debt repayment for two monorail mass transit projects – Pink and Yellow lines – which will elevate Bangkok’s electric mass transit network with less dependence on use of fossil-fueled vehicles, resulting in improvement in carbon emissions and fine particles in Bangkok metropolitan area.
Vietnam
Green project of the year
Phu Yen TTP Joint Stock Company
US$248 million project financing
Sponsors
B.Grimm Power Public Company Limited, Troung Thanh Vietnam Group
Lenders
Asian Development Bank, Leading Asia’s Private Infrastructure Fund, Bangkok Bank, Kasikornbank, Kiatnakin Bank, ICBC, Standard Chartered
Legal advisers
Baker McKenzie, DFDL, Clifford Chance, Frasers Law Company, Chandler MHM Limited
The 257-MW project is the largest single operating solar power plant in Vietnam and the financing features the first green B loan in Asia-Pacific by the Asian Development Bank to be certified by Climate Bonds Initiative.
Renewable energy deal of the year – Solar
TTC Energy Development Investment Joint Stock Company
US$37.8 million long-term financing
Sponsors
Gulf Energy Development Public Company Limited, TTC Energy Joint Stock Company
Lenders
Asian Development Bank, Leading Asia’s Private Infrastructure Fund, Bangkok Bank, Siam Commercial Bank, Standard Chartered (Thai)
Legal adviser
Allen & Overy
To fund the development and operation of a 50-MW photovoltaic solar power plant and its associated facilities in Tay Ninh province. The loan marks the first transaction under the non-parallel programme of Leading Asia’s Private Infrastructure Fund, which is supported by Japan International Cooperation Agency, thus improving the bankability and financial viability of the project allowing other lenders to provide long tenor, US dollar-denominated financing.
Renewable energy deal of the year – Wind
BT1 Windfarm Joint Stock Company
US$118.28 million project finance facility
Sponsors
AC Energy Vietnam Investment, AMI Renewables Energy Joint Stock Company, Duong Dinh Tich
Arranger
RCBC Capital Corporation
Lender
Rizal Commercial Banking Corporation
Legal advisers
Picazo Buyco Tan Fider & Santos, YKVN LLC
The transaction employs measures to help the sponsors mitigate risks relating to enforceability of land use rights by a foreign bank in Vietnam, foreign exchange and interest rate risks, while providing the lender with sufficient comfort. The deal also widens the way for cross-border financing of greenfield projects in Vietnam and potentially, the region, thereby allowing for broader market participation in such projects.
Water deal of the year
Binh Duong Water Environment Joint Stock Company
US$16 million loan
Sponsor
Binh Duong PPC
Lenders
Asian Development Bank, Japan International Cooperation Agency
Legal adviser
Mayer Brown
The financing will support the expansion of Binh Duong Water’s production capacity. The project demonstrates ADB’s first viable private sector financing in the water sector in Vietnam.