Citibank and ING Bank, alongside with Export Credit Agency’s Korea Trade Insurance Corporation, K-SURE, and Swiss Export Risk Insurance, SERV (the “Lenders”), have closed a $521.5 million, 12-year supported financing loan for Petrovietnam Power Corporation (PV Power). This financing will support the completion of PV Power’s Nhon Trach 3 and 4 power plants, which are set to be Vietnam’s first liquefied natural gas (LNG) to electricity plants.
In parallel with the ECA Financing, the Lenders (using different branches from offshore) agreed to grant a short-term bridge facility of US$300 million in order to facilitate PV Power to meet the payment requirements to the EPC Contractor and the Turbine Supplier with respect to the Projects.
VILAF honourably acted as the Vietnamese legal counsel for the Lenders for both of these financings.
The key members of the VILAF team advising the Lenders include Banking Partner Trung Vu, Senior Associate Ha Nguyen, and Associates Ha Anh Vu and Ngoc Nguyen.