Milbank, Tweed, Hadley & McCloy and Allen & Gledhill have advised Hong Kong’s First Pacific Company, Manila Electric Company and their joint venture vehicle FPM Power Holdings, on the latter’s S$660 million ($537 million) purchase of a 771MW LNG power plant in Singapore.

The purchasers acquired the power plant from India’s GMR Infrastructure, represented by White & Case.

FPM Power Holdings will hold a 70 percent stake in the project, while Malaysia’s Petronas International Corporation will own 30 percent.

Milbank Hong Kong partner and Asia project finance group head, Gary Wigmore, led the team on the transaction. He was assisted by Hong Kong-based counsel Desiree Woo and corporate partner Stuart Harray in London.

Norton Rose represented the lenders on the deal - Standard Chartered Bank, Axis Bank, CIMB Bank Berhad, KfW, National Australia Bank and Portigon AG.

The power plant is expected to commence operations in December this year.

Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.

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