We have extensive experience in advising on the financing of public private partnerships and private finance initiatives, ringfencing, project security trusts and special purpose vehicle structures and have acted as transaction solicitors for various project financing transactions in sectors such as power generation (including thermal power and all forms of renewable energy), oil and gas and public infrastructure (including airports, highways) and telecommunications). Our team is also well-versed in advising on project financing in compliance with local and global initiatives and regulations on green, renewable energy, climate change and environment social and governance issues.
Our Peripheral Approach
Large-scale projects are typically subject to a range of complex challenges ranging from structuring, governmental regulations, equity ownership, contractual, land and construction-related issues and our team’s approach in resolving such challenges to meet the commercial objectives of clients such as multinational corporations, venture capital and private equity firms, large financial institutions and international government agencies has drawn praise and recognition.
Our Market Recognition:
We are privileged and grateful for our achievements to be acknowledged and recognised as follows:
- Malaysia Projects & Project Financing Firm of The Year – Asian-Mena Counsel Awards 2018 and 2019
- Malaysia Project Finance Law Firm of The Year – The Asset Triple A Asia Infrastructure Awards 2019
- Malaysia Law Firm of the Year for Project Financing – In-House Community Awards 2021
- Malaysia Law Firm of the Year for Banking and Finance, Capital Markets and Islamic Finance respectively – In-House Community Awards 2021 and 2022.
Rankings / Publications
- IFLR 1000 ranked firm, Project development: Infrastructure & Project development: Energy
Our team’s experience includes the following significant transactions:
- the RM5.75 billion financing, in a single ringfenced project finance transaction, to Infracap Resources (a Sarawak State funding vehicle) for 11 specific development state projects throughout Sarawak, on the credit strength of the Sarawak State Government, which projects include the Northern Coastal Highway (Limbang/Lawas road) and Kuching Urban Transportation System – the issuance is compliant with ESG principles as prescribed under the United Nations Global Compact and was awarded the Project & Infrastructure Finance Deal Of The Year at the Islamic Finance Deal Of The Year Awards 2021;
- the 2021 RM1.5 billion Senior Sukuk Wakalah and/or subordinated Perpetual Sukuk Wakalah Bi Al-Istithmar ASEAN Bond Standards/Green Bond Principles compliant financing to Cenergi SEA Berhad for its renewable energy business;
- the 2021 RM2.7 billion Sukuk Murabahah syndicated financing to Pulau Indah Power Plant Sdn Bhd for the total project costs of a 1,200 MW Combined Cycle Gas Turbine Power Plant and its related facilities based on the Equator Principles, the financial industry standard for environmental and social risk management in projects;
- the largest greenfield power deal in Asia in 2015 and the largest Sukuk transaction 2015, RM10 billion sukuk murabahah (tawarruq) financing to Jimah East Power Sdn Bhd for the construction of two units of ultra-supercritical coal fired generating power plants with an aggregate net capacity of 2,000 MW in Jimah, Negeri Sembilan;
- financing for the first independent power utility in Malaysia, Northern Utility Resources, at the Kulim High-Tech Park in Kedah;
- financing for Mutiara Telecommunications’ transmission and satellite network;
- RM6 billion financing to SKS-Tanjung Bin, Malaysia’s first Sukuk Istisna for the construction of a 3 x 700 mw coal fired power plant;
- RM2 billion sukuk wakalah financing to TNB Northern Energy Berhad for the construction of a 1071.43 MW combined cycle gas fired power plant in Prai, Pulau Pinang;
- the largest Malaysian power plant project in 2017 – RM5.28 billion sukuk wakalah bi-istithmar financing to Edra Energy Sdn Bhd for the construction of three (3) generating blocks of gas fired power plant with capacity of 2,242 MW in Alor Gajah, Melaka;
- RM2.5 billion financing to Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS) in term loans and equity funding for the financing of for privatisation of water supply in Selangor, Kuala Lumpur and Putrajaya; and
- RM4 billion sukuk ijarah/wakalah financing to TNB Western Energy Berhad for the construction of a 1,000 MW ultra-supercritical coal fired power plant in Manjung, Perak.