Gide is pleased to be advising the shareholders in Delta Offshore Energy ("DOE") with respect to DOE's development of a 3,200 MW LNG-to-Power Plant and related floating storage and regasification unit and terminal at Bac Lieu Province, Vietnam (the “Project”) following the issuance of the Investment Registration Certificate (“IRC”) for the Project on 21 January 2020.
Gide partner Colin Graham will lead the Gide team with counsel Alix Deffrennes (Paris) and energy associate Vanessa Fullerton (London).
The Project is to be fully implemented by 2027 with the first 750MW (800MW gross) CCGT by 2024, if not earlier. The Project is the first registered energy infrastructure project in accordance with Vietnam’s Law on Investment. The project company to be incorporated in Vietnam will be 100% foreign owned and will implement and represent the collective interests of the committed Strategic Partners to the Investment Project Consortium in the Project.
This new private sector initiated model for energy infrastructure under the Law on Investment is attracting world-class industry operators to compete in de-risking the development and investment in the LNG-to-Power value-chain in Vietnam. The demand-driven framework aligns Vietnam’s socio-economic objectives with commercial incentives in a risk-allocated contractual structure with a long-term PPA from the state utility in accordance with international common practice. The single point planning interface delivering an integrated project will enable global financial institutions to provide innovative investment and financing solutions with the most competitive cost of capital. The Project will provide affordable, clean and reliable energy to Vietnam through a bankable and technically optimised structure using proven floating regasification technology.
Colin Graham, said : "The Delta Offshore Energy management team brings with them years of experience on complex offshore and gas to power engineering projects. This is a world-class project of many firsts and we're excited to support its development."
Gide's energy and infrastructure team has a long track record on major projects, including Sizewell C and Jaitapur nuclear power projects, the Australian Future Submarine project and major gas pipelines.
DOE has appointed Hogan Lovells as international legal counsel and Vietnam-based ACSV Legal as in-house and local legal counsel.