Global law firm Ashurst has advised Infrastructure Development Company Limited ("IDCOL"), the OPEC Fund for International Development ("OPEC Fund"), and the Islamic Corporation for the Development of the Private Sector ("ICD") in relation to the USD 64 million financing to Feni Lanka Power Limited for the development, construction, installation, operation and maintenance of a 114MW HFO power project in Feni, Chattogram, Bangladesh.
Feni Lanka Power Limited is a subsidiary of Lakdhanavi Ltd, the largest independent power producer in Sri Lanka.
Lead partner Alfred Ng commented, "We are very pleased to have been able to support the lenders and the sponsors to successfully achieve financial close on the financing of the Feni Lanka project, particularly during these challenging times. This was a complex project that took over two years to complete, which required perseverance and creativity from all quarters to successfully close, including from the lenders, the sponsors, the sponsors' financial adviser (Portland Advisers) and counsel, and which demonstrated the Ashurst international project team's ability to provide a seamless service through a team of partners and associates across a number of offices in Asia and the Middle East (and together with counsel in Bangladesh and Sri Lanka).
We are also very glad to have been able to advise on yet another successful limited recourse financing in Bangladesh, and we look forward to continuing our active engagement in the energy & infrastructure market in Bangladesh and the rest of South Asia."
The Ashurst team was led by partner Alfred Ng, supported by partner Andrew Digges, and lawyers Michael Weatherley, Giles Ashman, Eva Zimmermann, Albert Kromm, Timothy Lim and Jonathan Lin.
