King & Spalding represented the Japan Bank for International Cooperation and Asian Development Bank (ADB) on project finance facilities for the 2,500MW Gulf SRC Gas-Fired Combined Cycle Power Plant Project in Thailand that signed on 2 November 2018. JBIC and ADB were the largest lenders each lending $227 million out of an overall co-financing amount of approximately $1.299 billion.

The funding will go to Gulf SRC Company Limited, which will construct, own and operate the 2,500MW project (comprising four generating units of 625MW each) located in the Hemaraj Eastern Seaboard Industrial Estate which extends from Chonburi Province to Rayong Province, in the east of Thailand. The electricity produced by these facilities will be sold to the Electricity Generating Authority of Thailand for a period of 25 years. This is one of the largest project finance transactions in Thailand in recent years.

King & Spalding’s Tokyo office led the advice to JBIC and ADB, including drafting and negotiating all of the English law finance documents for the transaction. The team was led by partners John McClenahan and Mark Davies (Tokyo), and included senior associates Rory Connor (London) and Daisuke Shimodaira (Tokyo) and associate Jon Wang (Tokyo).