Brookfield on US$100 Million Sale of Thai Solar Energy Business
Global law firm White & Case LLP has advised Brookfield Renewable Partners on the sale of its solar energy business in Thailand to Global Power Synergy Public Company (GPSC) for approximately THB3 billion (US$100 million).
GPSC is the power and energy arm of PTT Public Company, a leading state-owned oil and gas company in Thailand. Pursuant to the transaction, which closed in March 2020, GPSC has acquired 100 percent ownership of N.P.S. Star Group Company Limited (NPS), World Exchange Asia Company Limited (WXA), and P.P. Solar Company Limited (PPS), with a total capacity of 39.5 MW. In addition to these three companies, GPSC has also acquired 100 percent ownership of TerraForm Global Operating (Thailand), which provides operation and maintenance services to the nine solar farms.
Brookfield previously acquired these assets as part of its 2017 investment in a global renewable energy asset portfolio belonging to Terraform Global Power.
The White & Case team which advised on the transaction was led by partner Jon Bowden (Singapore), with support from partners Melody Chan (Hong Kong) and Douglas Jensen (New York) and associates Rob Whitworth, Jessica Leung, Trishala Naidu, Lisa Yeo and Kian Newlyn (all Singapore), Lorraine Yip and Connie Ng (Hong Kong) and Ashley Williams (Washington, DC).