13 January 2021

KWM advises on US$195 million Sinosure-backed financing of Vietnam’s largest waste-to-energy plant

King & Wood Mallesons has advised Banco Santander, S.A., China Minsheng Banking Corp. Ltd Shenzhen Branch and Standard Chartered Bank as Mandated Lead Arrangers and Lenders, and Société General Hong Kong Branch as Lender, on a US$195 million term loan financing to Ha Noi Thien Y Environmental Energy Joint Stock Company, a subsidiary of China Tianying Inc, for the development of a 75 MW Waste-to-Energy plant in Hanoi, Vietnam. The Hubei Branch of China’s Export & Credit Insurance Corporation (Sinosure) provided buyer’s credit insurance in respect of the financing.

With a processing capacity of 4,000 tons of solid waste per day to help treat litter in many urban districts, the new plant modernises garbage treatment and sustainable development in Hanoi.

Commenting on the project, KWM lead partner John Shum said: “The development of Vietnam’s largest waste-to-energy plant reflects a broader trend towards financing sustainable projects connected to China’s Belt and Road Initiative. The rapid urbanisation of Southeast Asian countries is driving increased need for waste-to-energy projects, creating investment opportunities in countries such as Vietnam.”

“Advising the Mandated Lead Arrangers on this US$195 million Sinosure-covered term loan financing, demonstrates KWM’s experience in cross-border financing in the Asia region with the ability to offer support from both China and Europe,” said John.

The KWM team was led by Banking & Finance partner John Shum and Projects, Energy and Resources partner Michael Lawson in Singapore. Beijing partners Lv Yinghao and Liu Zhigang advised on the China legal aspects of the deal and Madrid partner Joaquin Sales advised on the Spanish legal aspects.

Additional assistance was provided by Phonganh Hoang and Dave Seibert of DFDL in relation to Vietnamese law, Lishi Fong of Harneys for British Virgin Islands law and Thibault Willems of Nauta Dutilh in relation to Belgian law.

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