Congratulations to B.Grimm Power team, the financing banks and all advisors of the deal for successfully completing this difficult concurrent demerger and financing of Dau Tieng 2 Project!
VILAF has advised B.Grimm Power Public Company Limited (B.Grimm), one of Thai’s largest private power producers, in the demerger of Dau Tieng Tay Ninh Energy Joint Stock Company (DTE) to separate the 180MW Dau Tieng Tay Ninh Solar Project 1 (Dau Tieng 1 Project) from the 240MW Dau Tieng Tay Ninh Solar Project 2 (Dau Tieng 2 Project) and the financing of the 240MW Dau Tieng 2 Project.
The financing of Dau Tieng 2 Project comprises a US$32.5 million loan funded by the Asian Development Bank (ADB) and Leading Asia’s Private Infrastructure Fund (LEAP), and a US$128 million syndicated loan financed by commercial banks, including Bangkok Bank, Kasikornbank, Kiatnakin Phatra Bank, ICBC (Thai) and Standard Chartered Bank (Thai).
Dau Tieng 2 Project received a green loan certificate from the Climate Bonds Initiative (CBI) and is B.Grimm’s second CBI green loan for its solar farm projects in Vietnam.
Dau Tieng 2 Project is part of the 420MW Dau Tieng solar farms complex with a total investment cost of US$393 million, developed by DTE, which was a joint venture between B.Grimm and Xuan Cau Group. The complex started commercial operation in June 2019. The demerger separated Dau Tieng 1 Project to a newly formed company wholly owned by Xuan Cau Group, with Dau Tieng 2 Project to remain owned by DTE, which became B.Grimm’s wholly owned subsidiary.
The VILAF core team advising the demerger and the project financing was led by Partner Duyen Ha Vo, and included Counsel Kim Anh Nguyen, Counsel Tung Nguyen, Associate Thuan Mai, Associate Quynh Anh Le and Associate Lien Nguyen.