Hogan Lovells advises General Electric on Mongolia's first renewable energy independent power project
ULAANBAATAR, 31 July 2012 – Hogan Lovells advised General Electric ("GE
") on the financing and equity aspects of a US$122 million 50MW wind farm in Salkhit, Mongolia, the first renewable energy independent power project in Mongolia.
The 50MW wind farm is located 70km southeast of the Mongolian capital Ulaanbaatar and is part of a renewable energy programme intended to reduce the country’s dependence on coal. The project, which is expected to become operational in 2012, will supply almost 5% of Mongolia’s electricity.
The project is being developed and sponsored by Mongolia-based Newcom LLC, which retains a majority interest in the Mongolian project company, Clean Energy LLC. GE Pacific Private Limited acquired an equity interest in Clean Energy LLC in March 2012 and debt financing for the project closed in July 2012.
Hogan Lovells' role included drafting and revising Mongolian law-governed transaction documents, review of financing agreements, issuing legal opinions, and advising on applicable legislation and general matters of Mongolian law.
The cross-border team advising GE was led by Michael Aldrich, managing partner of the Ulaanbaatar office, and included partners Jamie Barr and senior associate Laurence Davidson in Hong Kong, partner James Harris and senior associate Lawrence Low in Singapore, and partner Chris Melville, senior associate Anthony Woolley and associate Solongoo Bayarsaikhan in Ulaanbaatar.
Commenting on the transaction, Ulaanbaatar office managing partner Michael Aldrich said:
"We have a long-standing relationship with GE in the USA and across our international network and we are pleased to augment this relationship with our capabilities in Mongolia. We have extensively advised clients on their energy projects in Asia, establishing a prominent reputation for ourselves as a trusted advisor in the region. Representing GE on this landmark transaction further reinforces our position as the leading international firm based in Mongolia."
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