Singapore and Tokyo: Leading international law firm Clifford Chance has advised Asian Development Bank, Japan Bank for International
Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI) and commercial banks MUFG Bank, Ltd., Mizuho Bank,
Ltd, Sumitomo Mitsui Banking Corporation and Société Générale S.A. as lead counsel on the development and US$642m
project financing of a 718 MW (net) gas-fired thermal power generation project in Bangladesh sponsored by JERA Co., Inc.
and Reliance Power Limited.
The project will be located in Meghnaghat, approximately 40km southeast of the capital city, Dhaka, and is scheduled to
begin operations in 2022. On completion the plant will be the largest independent gas-fired power generation facility in
Bangladesh. It is the first time that a Japanese sponsor has taken a leading role in the development of a Bangladeshi
power project and the first time for JBIC and NEXI to provide project financing in Bangladesh.
Partner Nicholas Wong (Singapore) oversaw an integrated cross border team drawing upon Clifford Chance's deep regional
expertise, with partner Matthew Buchanan (Singapore) leading on the construction and procurement aspects of the project
and partner Hans Menski (Tokyo) leading on the financing aspects, and also comprising partners Nadia Kalic (Sydney) and
Ross Howard (Singapore), senior associates Michael Pallaras (Hong Kong) and Dominik Kepinski (Perth), associates
Christine Yassa (Singapore) and Myles Sim (Singapore) and trainees Dominic Behar (Tokyo) and Emma Durrell (Perth).
Hans commented, “We are pleased to support the financiers and the sponsors on this ground-breaking project, maintaining
our reputation for advising on innovative, first-in-jurisdiction transactions. It has been a particular privilege to
support the Japanese participants on their first major investment in the Bangladesh power sector. This project is a
reminder of the crucial role of international project financing from development-oriented financial institutions in
facilitating the infrastructure investments that underpin economic growth."
Matthew added, "We sought to overcome the additional complexity of COVID-19 related impacts in the current environment
by fostering a collaborative approach among the major project stakeholders. We are pleased to successfully support the
negotiation and finalisation of the documentation for this landmark project and add to our distinguished track record in
power project development in Bangladesh."
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