Orrick, and its newly-formed Vietnam alliance partner, LVN & Associates, have advised Thang Long Thermoelectric JSC (Thang Long) in a landmark China-Vietnam energy project – the first such partnership between the two jurisdictions in an Engineering, Procurement and Construction (EPC) contract.
Thang Long, a subsidiary of one of Vietnam’s leading power generation companies, has been brought on board as an investor and the sole developer on the EPC contract worth US$634m. The project, a 600MW coal-fired thermal power plant in Vietnam to be located in the coal rich province of Quang Ninh Province, is expected to be completed by 2015. Shenzhen- listed Kaidi provides engineering, design and contracting services in Hubei China.
"This deal is significant because it is the first time that Thang Long has used international counsel. They recognised that this was a complex legal project that required a huge spectrum of different areas of expertise both in terms of negotiating and drafting the EPC agreement as well as understanding the Vietnam power industry,” said Orrick’s Asia managing partner, Christopher Stephens.
According to Stephens, the further development of Vietnam’s power generation capability is a priority for the government. “We’re seeing many opportunities for international investors, equipment suppliers, services providers and lenders to come into Vietnam,” he said.ALB
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