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DOE appoints legal counsels for LNG-to-Power plant in Vietnam

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LNG Industry,

Delta Offshore Energy Pte Ltd (DOE) has announced the appointment of Hogan Lovells as international legal counsel and ACSV Legal, Vietnam as in-house and local legal counsel for its project to develop a 3200 MW LNG-to-Power plant and related floating storage and regasification unit (FSRU) and terminal at Bac Lieu Province, Vietnam, following the issuance of the investment registration certificate (IRC) for the project on 21 January 2020.

The Hogan Lovells team will be led by Partners Samantha Campbell and Laurence Davidson with support from Partners specialized across all aspects of the LNG-to-Power value chain: Sean Conaty, Kevin Keenan, Alex Wong, and Paul Shillington.

ACSV Legal’s team will be led by Mark Oakley, Managing Partner, and Tim Dobson, Of Counsel, with support from Vu Nguyen Dung Ha and Hieu Pham.

The project’s sponsors are advised by Gide Loyrette Nouel LLP. Gide’s team is led by Partner, Colin Graham, Of Counsel Alix Deffrennes, and energy associate Vanessa Fullerton.

Ian Nguyen, Managing Director of DOE, said “I am delighted to announce the appointments of these prestigious law firms and look forward to working with them on this exciting and innovative project”.

The project is to be fully implemented by 2027 with the first 750 MW (800 MW 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 a 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 (i.e. PPA) in accordance with international common practice. This enables global financial institutions to innovate investment and financing solutions with the most competitive cost of capital. The ultimate end game is a pProject that provides affordable, clean, and reliable energy to Vietnam through a feasible, bankable, and sustainable investment structure for investors.

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