Global law firm White & Case LLP has advised PacificLight Power Pte. Ltd. (PacificLight Power), on the S$1 billion refinancing of project facilities for the Jurong Island power generation project (PLP project).
The 800-megawatt combined-cycle gas turbine (CCGT) power project is Singapore's latest privately-owned and independent power producer (IPP), and the first power plant to be fuelled entirely by liquefied natural gas (LNG).
"From a project financing perspective, this PLP project is remarkable," said White & Case local partner, David Gartside. "It's a key asset within the Singaporean economy and we are pleased to have been appointed as the legal advisor of this power generation project and to support PacificLight Power in the process from day one."
This transaction follows a S$1 billion greenfield financing for the PLP project in 2011, as well as the partial sale of 30 percent of the project to PETRONAS in December 2011, and the subsequent sale of the project by GMR Energy (Singapore) Pte. Ltd. in 2013 to FPM Power Holdings (FPM). White & Case advised on each of these transactions.
PacificLight Power is jointly-owned by FPM at 70 percent and a PETRONAS affiliate at 30 percent. FPM, in turn, is a joint venture between First Pacific Company Limited (First Pacific) and Meralco PowerGen Corporation (MPC). First Pacific is a Hong Kong-based investment management and holding company.
The financing comprising a S$700 million term facility provided by Malayan Banking Berhad, Singapore branch (Malayan Banking), BTMU, Sumitomo Mitsui Trust Bank, and Export-Import Bank of Malaysia Berhad; a credit facility of US$230 million and S$100 million by Malayan Banking and Standard Chartered Bank (Singapore Branch).
The White & Case team was led by local partner, David Gartside (Singapore) with support from partners, Steve Payne (Singapore), Jonathan Olier (Singapore), Sebastian Buss (Istanbul) and associates Mangesh Dhume, Lauren Yau and Cavan Reilly (Singapore).
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