Landmark transaction includes a mix of both high yield and project bond-style covenants.

Latham & Watkins represented ReNew Power Ventures Private Limited (ReNew Power), as parent company, in the high yield co-issuance of US$375 million of 6.67% Senior Secured Notes due 2024 by eight subsidiaries. The Notes of each co-issuer are also guaranteed by each of the other co-issuers. The Notes are listed on the SGX-ST and include a mix of both high yield and project bond-style covenants, a first in the Indian market.

Herbert Smith Freehills has advised the sponsors, PowerChina and Goldwind, on the project financing of the Cattle Hill Wind Farm, located on the eastern shore of Lake Echo in central Tasmania. This is PowerChina’s inaugural investment in the Australian market.

The project will consist of 48 Goldwind turbines, producing up to 150 MW of renewable electricity. Construction of the project is underway and the wind farm will become fully operational in 2019.

Slaughter and May, Hong Kong, is advising China Power New Energy Limited (CPNE), acting as the offeror, in relation to the proposed delisting of China Power Clean Energy Development Company Limited (CP Clean Energy) from the Hong Kong Stock Exchange. The proposal will be implemented by way of a scheme of arrangement pursuant to the Companies Ordinance of Hong Kong. The scheme consideration includes a cash alternative and a share alternative. An irrevocable undertaking to vote in favour of the proposal has been obtained from China Three Gorges Corporation Limited.

Thailand’s largest completed M&A deal and Asia’s largest M&A deal in the Power sector for 2018 and 2019 year to date [1]

Allen & Overy has advised the global energy and services group ENGIE S.A (ENGIE) on the completion of the divestment of its 69.1% interest in Glow Energy Public Company Limited (Glow), an independent power producer listed on the Stock Exchange of Thailand, to Global Power Synergy Public Company Limited (GPSC). The transaction translates into net proceeds of EUR2.6bn (USD2.93bn) for ENGIE.

Herbert Smith Freehills is pleased to have advised Bingo Industries (Bingo) on its successful A$577.5 million acquisition of Dial-A-Dump Industries (DADI). The firm advised on all aspects of the transaction, including Bingo’s A$425 million capital raise which partially funded the acquisition and the associated ACCC clearance process.

DADI is a fully integrated recycling and waste management services provider in NSW.

Herbert Smith Freehills is pleased to have advised Bingo Industries (Bingo) on its successful A$577.5 million acquisition of Dial-A-Dump Industries (DADI). The firm advised on all aspects of the transaction, including Bingo’s A$425 million capital raise which partially funded the acquisition and the associated ACCC clearance process.

DADI is a fully integrated recycling and waste management services provider in NSW.

Eversheds Sutherland is pleased to announce that it represented Oglethorpe Power Corporation (OPC) on finalizing an agreement for a $1.62 billion loan guarantee with the US Department of Energy (DOE), bringing the total loan facilities guaranteed by the DOE for OPC to $4.68 billion.

DLA Piper has advised the energy and telecommunications company EWE and its subsidiary, EWE TEL, on the negotiation and signing of a joint venture agreement with Telekom Deutschland GmbH on the expansion of the fiber optics net in North-West Germany. The joint venture operates under the name "Glasfaser NordWest". It is subject to merger control approval by the German Federal Cartel Office, which was filed on 21 March 2019.

Gide has advised Poleol and Imwind on the sale of Colombian developer Jemeiwaa-Kai, owning and developing a portfolio of five wind power projects totaling 648 MW, to AES Chivor, a Colombian subsidiary of Chilean power supplier AES Gener.

The five projects (Apotolorru, Carrizal, Casa Electrica, Irraipa and Jotomana) are all located in the northeast Guajira region of Colombia. Development was started in 2009 by Arnd Morschhauser (Poleol, Ecotera, Contino and Infinivent), which later teamed up with Austrian Imwind group for this project.

Charles Russell Speechlys has advised Daystar Power Group and its founder, Sunray Ventures, on a $10 million equity stake in Daystar by Verod Capital Management (Verod) and Persistent Energy (Persistent).

Daystar Power Group is a pan-African electricity company specialising in the generation of solar energy. They envision a world where affordable, reliable and clean power ceases to be a privilege and is readily available for businesses and consumers across Africa, by reducing the cost of energy, providing a stable power supply and reducing pollution.