Allens has advised GuarantCo on its provision of a payment default guarantee supporting a private VND-denominated bond issuance by two Vietnamese renewable energy companies, acting as both transaction counsel and Vietnamese local counsel.
The bond issuers are owned by Verdant Energy, a renewable energy developer established by and backed by A.P. Moller Capital, which develops renewable energy projects across Southeast Asia.
The transaction represents a significant milestone for Vietnam’s sustainable finance market. It is understood to be the first green bond issuance by a rooftop solar developer in Vietnam and continues a series of cross-border guarantee structures pioneered by GuarantCo in the Vietnamese market.
‘This transaction highlights the increasing sophistication of Vietnam’s sustainable finance market and demonstrates how innovative guarantee structures can unlock new sources of capital for emerging sectors. We are pleased to have supported GuarantCo on a transaction that expands access to long-term financing for renewable energy projects,’ said lead partner Giles Cooper.
‘The transaction further strengthens access to local currency funding for emerging renewable energy businesses and supports the continued growth of Vietnam’s clean energy transition.’
Allens advised on all aspects of the transaction, acting as both international transaction counsel and Vietnamese local counsel. The matter showcases the firm’s integrated cross-border approach, bringing together international and domestic expertise through a single team.
