December 01, 2008
Latham & Watkins advised on the Theun-Hinboun Expansion project which won "Renewable Deal of the Year" in Project Finance International's Asia Pacific "Deals of the Year" awards for 2008. Latham acted for the borrower in the US$607.5 million development and financing to fund the expansion of the Theun-Hinboun hydroelectric power project in Laos. The expansion will increase power at the facility from 220MW to 500MW and will help meet Thailand's demand for electricity. The financing comprised a US dollar facility of US$187.5 million, Thai baht facilities of 13.94 billion baht and a working capital facility of US$10 million. In acknowledging the success of the financing, Project Finance International commented: "[B]anks bravely signed the financing for the expansion of the Theun-Hinboun hydroelectric power project at a time when the financial crisis was pushing international lenders to review their commitments and portfolio." The project is also recognized as being exceptional in that it is the first significant Laos development project to be closed without any political risk insurance.