Norton Rose Fulbright has advised the lenders on the refinancing of credit facilities to PacificLight Group (a consortium comprising First Pacific, Meralco and Petronas) towards the operation of a power project on Singapore’s Jurong Island.

The 781 MW combined cycle project is one of the first merchant power plants in Asia to be developed by an independent power producer, and sells electricity to the Singapore market. The power plant achieved practical completion in January 2014 and receives re-gasified LNG from the new LNG terminal on Jurong Island, Singapore.

The bank group led by Malayan Banking Berhad, Singapore branch and comprising of Export Import Bank of Malaysia Berhad, Standard Chartered Bank, Singapore branch, Bank of Tokyo – Mitsubishi UFJ Ltd and Sumitomo Mitsui Trust Bank Limited, Singapore branch have provided a term facility of S$700 million and credit facilities of US$230 million and S$100 million.

Norton Rose Fulbright previously advised the lenders for the original project financing to GMR Group in July 2011 to develop the project. The project was awarded Asia-Pacific Merchant Power Deal of the Year 2011 by Project Finance Magazine.

The team was led in Singapore by partner Stephen Begley, assisted by partner Nicola Davies, Of Counsel Laurie Pearson and associate Aditi Aparajita. Hong Kong partner Peter Haslam advised on Hong Kong law aspects of the transaction, assisted by Georgina Axon and Michelle Ma.