The Monsoon Wind Power Project – a historic transaction advised on by Milbank LLP’s team in Singapore – was named Asia-Pacific Wind Deal of the Year at the 2023 Project Finance International (PFI) Awards. Milbank represented 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, which will export electricity to Vietnam, 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.
“We appreciate our clients for continuing to turn to us for their most innovative, landmark transactions,” said Milbank partner James Murray, who led the team. “The Monsoon Project illustrates how it is possible to structure a bankable cross-border wind financing of significant scale and complexity.”
Milbank also advised on several other projects that received PFI 2023 Deal of the Year awards, including Americas Power Deal of the Year, Americas Storage Deal of the Year, Americas Renewables Deal of the Year and Europe Industrial Deal of the Year.
PFI Award winners are selected by the PFI editorial staff based on submissions made by companies engaged in the transactions.
