The multinational law firm and CBI member, Pinsent Masons has announced that it advised on a major $530 million Belt & Road power station deal in Pakistan. Pinsent Masons worked in cooperation with the Chinese engineering SOE, China Machinery Engineering Corporation, and provided counsel on brokerage and international trade and arbitration. This involved Pinsent Masons acting on behalf of Thar Energy Limited, one of Pakistan’s biggest power stations developers, on the ground in Pakistan.
Subsequently, Pinsent Masons managed to secure the financing of the power station, which will provide a power generation output of 300MW and will be coal-fired. The power station is positioned as an integral part of China’s Belt & Road, Pakistan Economic Corridor.
Pinsent Masons has played an active role in securing funding for initiatives involving Chinese partners along the Pakistan Economic Corridor since 2015. In the first instance, the law firm advised on the initial $700 million financing of a coal mine that was commissioned to provide resources for energy production and a $821 million power station that would take these resources and guarantee energy along the route.
The fact that Pinsent Masons was then asked to advise on a second power station highlights the fact that opportunities exist along the BRI for foreign firms which are able to provide specialist advise and support to Chinese companies operating an international setting.
The deal was negotiated and delivered by a cross border team working from Pinsent Masons’ offices in Beijing, Hong Kong, Singapore and Dubai. David Platt, lead partner said, “We are proud to have been an integral part of this project from the beginning. Not only is it extremely significant as part of the wider Belt & Road Initiative, it will help Pakistan’s energy landscape and resource.”
The transaction was signed in front of members of the China Pakistan Economic Cooperation Corridor Joint Committee. and China Machinery Engineering Corporation.
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