The Monsoon Wind Power Project was named Project Finance Deal of the Year at the 2024 IFLR Asia Pacific Awards. Milbank LLP’s team in Singapore advised on the historic transaction, representing Asian Development Bank and other senior secured parties on the US$692 million non-recourse project financing to construct and operate the power project in Laos PDR.
The Monsoon Wind Power Project was previously recognized as ESG Deal of the Year at the 2024 Asia Legal Awards and Milbank’s Monsoon Wind Power Project Named Project Finance International 2023 Asia-Pacific Wind Deal of the Year.
The award-winning wind power deal will export electricity to Vietnam and will be the first wind power plant in Laos, the largest in Southeast Asia and the first Asian cross-border wind power project. The 133-turbine plant will sell electricity to Vietnam’s state-owned utility, Vietnam Electricity, under a 25-year power purchase agreement. The project is expected to reduce annual greenhouse gas emissions by 750,000 tons of carbon dioxide equivalent once operating.
IFLR lauded the project for its use of “cutting-edge concessional blended finance to overcome bankability hurdles to bring in commercial capital.” Learn more about the transaction in “Monsoon Wind: A Roadmap for Electricity Connectivity in Asia.”
The Milbank team was led by Global Project, Energy and Infrastructure Finance Group partner James Murray and special counsel Andrew Gibb and Rosaline Yusman, with additional support from partner James Orme and associates Zhen Yang Kua and Erin Zhang.
