Leading global law firm Herbert Smith Freehills has advised Yinson Renewables on a major investment in Indian solar power – the oil and gas services, shipping and production company’s first investment in renewables.
The subsidiary of Yinson Holdings Berhad bought a 37.5% stake in Rising Sun Energy’s two 70MW solar power assets at the Bhadla Solar Park located in Rajasthan, India, one of the world’s largest solar parks.
“We have a longstanding relationship with Yinson, and I’m pleased we are working with the company as it moves into this new sector,” said Asia Head of Energy Hilary Lau, who led the team advising Yinson with Kuala Lumpur partner Glynn Cooper.
The deal closed with all six of the firm's offices on remote working. “Despite the disruption caused by the current outbreak, team members across Asia and Australia worked together remotely and without problems to close the deal for Yinson,” said Glynn.
“Technology and teamwork prevailed, and we covered due diligence, transaction documents, financing, competition and regulatory without any impact on client service.”
Yinson Holdings Berhad is one of the world’s leading energy solution providers, listed on the Main Market of Bursa Malaysia.
Established in 1983 as a transport agency, it grew and diversified into oil and gas shipping and production. Currently the world’s sixth-largest independent FPSO leasing company, it announced its diversification into renewables last year.
Hilary and Glynn led the team, assisted by energy associates Christie Wu, Charles Wong, Yida Xu and Stephanie Ko in Hong Kong, Jen Ru Wong in Kuala Lumpur, Ken Nam in Seoul.
Financing advice was provided by partner Elizabeth Charlesworth and associate Gabby Herron-Cartwright in Sydney; May Poon and Jane Yee in Hong Kong, and Jessica Loy in Singapore. Partner Adelaide Luke and associate Howard Chan advised on competition aspects of the transaction.
Jen Jen Su at associate firm Prolegis provided Singapore law advice, while Cyril Amarchand Mangaldas provided Indian law advice.