Shearman & Sterling advised the lenders, comprising Sumitomo Mitsui Banking Corporation, ING Bank NV, DBS Bank Ltd, Bank of China Limited, Mizuho Bank Limited and Société Générale, on the refinancing of the 220 MW Bhola Combined Cycle Gas Turbine project in Bangladesh. The refinancing is in connection with the acquisition of a 49% shareholding in the project by Actis, a leading global investor in sustainable infrastructure, through Bridgin Power, a newly formed platform pursuing gas-fired power projects generation business in Southeast Asia. The project has a 22-year PPA with Bangladesh Power Development Board and achieved commissioning in June 2021.
The refinancing was a multi-jurisdictional transaction with a bespoke refinancing structure to meet the requirements of the existing and new lenders, and was completed on an accelerated timeline. Non-commercial risks were covered through a political guarantee provided by the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group.
The team below also included trainee solicitor Nathalie Warke (Singapore-Project Development & Finance).