Constant Energy Acquires Thailand 17.5 MW Solar PV Business

EIT lawyers and team-members Bangkok advised Constant Energy Management Services Ltd. (ConstantEnergy), a private renewable energy development company with assets in emerging markets, on the acquisition of equity interests in 17.5 MW of operating ground-mount solar photovoltaic assets in Thailand, together with a team of skilled developers and operators and a pipeline of additional projects under development, from Sonnedix Power Holdings Limited, an European-based solar power developer. The deal closed on September 19, 2017.

The transaction is structured as a U.S.-style leverage buy-out in which the purchase price is secured by and will be paid through the purchased assets and operating revenues without recourse to ConstantEnergy’s upstream shareholders and investors. The transaction gives ConstantEnergy another foothold in the ASEAN region, reinforces its commitment to a long-term presence in Thailand, and bring synergies with its global development and asset management team.

As investor’s counsel, Hunton’s legal team was led by counsel Chumbhot Plangtrakul, associates Peerasanti Somritutai and Christopher Huong along with junior lawyers Jitranut Narkmai and Thaphanut Vimolkej, who advised on structuring, transaction and debt documents and closing. Senior energy-specialist Nicholas Altstadt provided coordination and support on legal due diligence.

Sonnedix was represented by Paul Hastings LLP (on New York law), Chandler MHM Limited (on Thai law), and Walkers (on BVI law).