Chumbhot Plangtrakul

Chumbhot focuses his practice on energy and infrastructure projects, renewable resources and M&A transactions throughout the Asia Pacific region.

Chumbhot is a US-trained partner based in the Bangkok office and repeatedly recognized in Chambers Global, Chambers Asia Pacific and Legal 500 Asia Pacific. He maintains both a cross-border and a domestic law practice, focusing on project development, financing, and mergers and acquisitions in the energy and infrastructure industries. Chumbhot has assisted on several “Deals of the Year” and other landmark energy, renewable resources and real estate projects in Asia, Europe and North America. He also advises public and private entities on general corporate matters in all business cycles, capital markets work, and transnational and domestic commercial transactions. 

Before rejoining the firm as an international (US-qualified) associate following law school, Chumbhot was a summer associate with the firm in New York and Washington, DC and a senior legal assistant in Asia. While in law school, he was a legal representative at the Business Law Clinic, where he counseled local entrepreneurs on a pro-bono basis on their business ventures, and was selected as a teaching fellow with the LRW Program, where he tutored legal research and writing.

Relevant Experience

M&A, Joint Venture and Corporate Transactions:

  • Represented, Banpu North America Corporation, the Delaware holding subsidiary of Thai Stock Exchange-listed and the country’s largest coal mining and natural resources company, Banpu pcl., on all stockholder, equity contribution and related documentation to corporatize its multi-million dollar portfolio of upstream and midstream oil and gas assets in North America. The resulting corporation, BKV Corporation, has an authorized share capital of US$1.5 billion and the proceeds of the investment will be used, in part, to fund the acquisition of the gas assets located in the Barnett Shale Basin, Texas. The transaction will position BKV Corporation to further develop and scale up for an initial public offering in the United States.
  • Represented Thai Stock Exchange-listed and the country’s first independent power producer, Electricity Generating Public Co., Ltd. (EGCO), on all aspects of its multimillion dollar, cross-border acquisition of a 25% ownership interest in the 640 MW Yunlin Offshore Wind Power Farm, currently under project finance and construction off the coast of Yunlin County, Taiwan ROC.
  • Represented Thai Stock Exchange-listed Energy Absolute pcl. (EA) on due diligence and negotiation and documentation of the joint venture, pipeline use and business transfer agreements to acquire a 70% ownership interest in Combine Energy Tech Co., Ltd., the joint venture vehicle through which EA will develop and operate a shore tank rental project and palm oil trading businesses in southern Thailand to complement EA’s core energy business.
  • Represented a major Thai renewable energy developer on its joint development and equity investment arrangements with a Thai Stock Exchange-listed renewable energy firm to develop, build, own and operate an approximately 600 MW mega wind farm project in southern Lao PDR for the cross-border sale of electricity to Vietnam. Ongoing representation of the joint venture on power purchase, construction, and 500kV transmission line arrangements for the wind farm.
  • Represented Electricity Generating Public Co., Ltd. (EGCO) on the KRW 847.7 billion (about US$800 million) cross-border acquisition of a 49 percent equity interest in the 1.8 GW Paju LNG-Fired Power Facility in Paju City, Gyeonggi Province, South Korea, from SK E&S Co., Ltd. SK E&S is the energy investment arm of SK Holdings Co., Ltd., which is the Korea Stock Exchange-listed holding company of SK Group, one of the largest conglomerates (chaebol) in Korea. Subsequent representation of EGCO on the joint venture’s financing and development of the related grid-connected 19.8 MW Gangdong Fuel Cell Project in Seoul. The acquisition was named “Power Deal of the Year – South Korea” by The Asset Triple A Infrastructure Awards 2019.
  • Represented BPIN Investment Co., Ltd., a subsidiary of Banpu pcl., on its 44.84 percent equity investment in New Resources Technology Pte. Ltd. (NRT) worth SG$45.10 million (about US$33.20 million). NRT is a Singapore holding company that specializes in researching, designing, manufacturing and integrating lithium-ion batteries for the automotive industry and energy storage systems and owns an operating battery-manufacturing factory in China with a capacity of 80 MWh and future expansion plans for ASEAN, China, Japan, India and Europe.
  • Represented a US-based packaging company, specialized in the manufacturing and packaging of products for food, beverage, pharmaceutical and agricultural industries worldwide, on its potential divestment of a package manufacturing plant and related business and assets in Suzhou Province, China.
  • Represented Energy Absolute pcl. (EA) on its approximately US$21.6 million capital market investment of a 35.19 percent equity interest in Amita Technologies Inc., a leading Taiwan manufacturer of lithium-ion polymer batteries listed on the Emerging Stock Market of the Taipei Stock Exchange. This flagship transaction was EA’s first significant offshore investment.
  • Represented affiliates of a New York Stock Exchange-listed real estate investor on the acquisition of CAS Capital (Thailand) Limited and its related asset management companies which hold and manage distressed and real estate assets in Thailand. This transaction was the investor's first investment in the Kingdom.
  • Represented affiliates of a New York Stock Exchange-listed real estate investor on the preference share investment in, and senior secured loan financing to, subsidiaries of Thai Stock Exchange-listed PACE Development Corporation pcl. The proceeds of this combined capital raising, totalling approximately THB 8.4 billion, were applied towards construction and financing costs to complete the iconic 78-storey MahaNakhon mixed-use condominium, hotel and retail skyscraper project in downtown Bangkok.
  • Represented Electricity Generating Public Co., Ltd. on the cross-border divestment of its 49 percent equity stake in the Masinloc Coal-Fired Power Facility in the Philippines to SMC Global Power Holdings Corp., the power arm of conglomerate San Miguel Corp., for US$850 million with AES Corporation also divesting its 51 percent equity stake. The power plant consists of two units of 315 MW, a 335 MW expansion project under construction, and two battery energy storage facilities. The total transaction value of US$2.4 billion was reported at the time to be one of the largest deals in Philippines corporate history.
  • Represented Banpu Infinergy Co., Ltd., a one-stop provider of total solar energy solutions using advanced technology and a subsidiary of Banpu pcl., on its approximately US$55.7 million investment in convertible preference shares in the Sunseap Group, the largest clean-energy solutions provider of roof-top solar projects in Singapore with a pipeline of solar ground-mount and roof-top projects and energy storage initiatives underway in Australia, Cambodia, India, Malaysia, Thailand and Vietnam to reach 300 MW of overall operating capacity.
  • Represented Impact Electrons Siam Co., Ltd., an innovative energy company, in structuring, preparing and negotiating the shareholders agreement underpinning the joint venture arrangements with the Saha Group, a Thai consumer goods conglomerate, to raise additional capital to develop portfolios of off-grid private-to-private rooftop solar PV projects throughout Thailand.
  • Represented Spectrum Power Company Limited, an investment vehicle for foreign and Thai private equity investors, on joint venture arrangements with B. Grimm Solar Power Rooftop Company Limited to develop portfolios of off-grid private-to-private rooftop solar PV projects throughout Thailand.
  • Represented Electricity Generating Public Co., Ltd. on its US$453 million acquisition of a 40.95 percent ownership interest in the 630 MW Masinloc Coal-Fired Power Facility in the Philippines in 2014, as part of the company’s strategic partnership in the country with global power company, AES Corporation. Subsequently, represented Electricity Generating Public Co., Ltd. on the US$87 million buy-out of International Finance Corporation’s remaining ownership interest in the Masinloc Power Facility in 2016.
  • Represented Banpu pcl. on the US$669 million sale of ownership interests in coal mine assets in northern China to an affiliate of Hong Kong Stock Exchange-listed China Resources Power Holdings Co., Ltd. This transaction was short-listed as finalist for the “Asia Pacific M&A Forum and Atlas Awards” in 2011.
  • Represented Thai Stock-exchange listed and one of the Kingdom’s largest independent power producers, Ratchaburi Electricity Generating Public Co., Ltd., on the US$21 million buy-out of Chevron Corporation’s ownership interest in the 700 MW Tri Energy Power Facility in Ratchaburi Province, Thailand.
  • Represented London Stock Exchange-listed Mondi AG on its initial acquisition of, and joint venture arrangements for, a plastics packaging manufacturing facility in central Thailand in 2015, on its subsequent buy-out of the remaining co-shareholders in 2017, and on its ongoing development of additional manufacturing capacity in the Kingdom.
  • Represented Electricity Generating Public Co., Ltd., on its approximately US$15 million divestiture of a 40 percent equity interest in a diesel power plant portfolio in the Philippines totalling over 200 MW to Alsons Consolidated Resources, Inc., a Philippine publicly listed company.
  • Represented Electricity Generating Public Co., Ltd. on two separate cross-border buy-outs, one worth US$375 million and the other worth US$215 million, of ownership interests, management services rights, and operation and maintenance assets in the 460 MW Quezon Power Facility in the Philippines from US-based InterGen and Covanta Energy, respectively.
  • Represented Electricity Generating Public Co., Ltd. on the US$73 million acquisition of an additional 10 percent equity interest in the Asian Development Bank-financed 1,070 MW Nam Theun 2 Hydroelectric Power Facility in Lao PDR; the largest hydropower plant in the country at the time. The acquisition raised the EGCO’s total equity interest to 35 percent.
  • Represented Hong Kong Stock Exchange-listed CLP Holdings Limited in the reorganization of its joint venture arrangements with Mitsubishi Corporation in Southeast Asia and Taiwan, including the US$ 273 million sale of CLP’s shareholdings in Electricity Generating Public Co., Ltd. to Mitsubishi, who subsequently sold a portion of this interest to Tokyo Electric Power Company.
  • Represented Banpu pcl. on its US$420 million acquisition of an additional 78 percent ownership interest in Asian American Coal, Inc., an offshore holding company that holds equity interests in coal mines and related operations in Shanxi Province, China.
  • Represented affiliates of a New York Stock Exchange-listed and US Fortune 500 company on two private multimillion dollar cross-border sales of equity interests in electricity generating assets in the Philippines.
  • Represented Electricity Generating Public Co., Ltd. on the THB 800 million divestment of its equity interest in a Thai-American joint venture that holds interests in the 165 MW Amata-EGCO and the 112 MW Amata Power (Bangpakong) Cogeneration Facilities and their related operation and maintenance assets in Chonburi Province, Thailand.
  • Assisted on the due diligence review and share purchase documentation for Electricity Generating Public Co., Ltd. on the acquisition of a 50 percent equity interest in the US$1 billion, 1.4 GW BLCP Coal-Fired Power Facility in Rayong Province, Thailand, from CLP Holdings Limited.

Energy and Infrastructure Project Development & Finance

  • Represented a lending group consisting of the Asian Development Bank (for itself and the ADB-administered Clean Technology Fund) and KASIKORNBANK Public Company Limited on an approximately US$ 20 million project financing to Lomligor Company Limited, a wholly-owned subsidiary of Thai Stock Exchange-listed BCPG Public Company Limited, to complete the supply, installation and construction of a 10 MW wind farm with an integrated 1.4 MWh battery energy storage system in Nakhon Si Thammarat Province, Thailand. This wind farm is the private sector project in Thailand to fully integrate utility-scale wind power generation with battery energy storage.
  • Represented Constant Energy Group, a private solar energy developer with assets in emerging markets, on a US$15 million long-term debt facility from Global Climate Partnership Fund (through its fund manager responsAbility AG) to finance Constant Energy’s pipeline of commercial and industrial (C&I) scale solar rooftop projects in Thailand and Southeast Asia. This flagship transaction is the first non-recourse project financing from an offshore lender to solar rooftop projects in Thailand.
  • Represented both Thai and foreign developers and sponsors on the acquisition, development, installation and financing of, and investments and joint venture arrangements in, off-grid private-to-private rooftop solar PV projects installed on industrial, storage and commercial buildings throughout Thailand. These arrangements include the creation of user-friendly standardized private offtake and service agreements, permitting plans, and leasehold arrangements.
  • Represented Impact Solar Limited on an approximately THB 400 million financing from Arcanea Capital Limited (a member of the TCC Group) for the installation and completion of a portfolio of off-grid private solar rooftop systems totalling 16 MW at BIG C Supercenters throughout Bangkok. These projects were the first of their kind to receive limited recourse project financing in Thailand.
  • Represented Constant Energy Management Services Limited on the US-style leveraged financing and management buy-out of equity interests in operating ground-mount solar photovoltaic projects in Thailand totalling 17.5 MW, together with a team of experienced managers and operators and a pipeline of additional projects under development, from the Sonnedix Group, a European private solar power developer.
  • Represented affiliates of Thai Stock Exchange-listed minerals company, Padaeng Industries pcl., on their investment in, and development, construction and financing of, a portfolio of up to five solar power projects in Japan totalling 28.55 MW. This flagship transaction was Padaeng Industries’ first major foreign investment in the renewable energy sector.
  • Represented Banpu pcl. on its investment and joint venture arrangements to acquire, own and develop several portfolios of solar ground-mount projects in Japan with a planned aggregate capacity of up to 100 MW.
  • Represented Electricity Generating Public Co., Ltd. on its joint venture arrangements to own, develop and construct the 460 MW San Buena Ventura Power Facility in Quezon Province, the Philippines. The Peso 42.15 billion (approximately US$890 million) construction term debt facility was the largest all-Peso financing in the Philippines to date, and was awarded “Asia-Pacific Power Deal of the Year” 2015 from Project Finance International.
  • Represented a lending group consisting of the Asian Development Bank and Bank of Ayudhya pcl. on the approximately US$160 million project financing of the approximately 80 MW Chaiyaphum Wind Farm Project in northeast Thailand. The ADB commitment is for approximately US$55 million in a local currency loan and for up to US$30 million from the Clean Technology Fund.
  • Represented Electricity Generating Public Co., Ltd. on its investment in, and project development and financing of, a portfolio of wind farms to be located in northeast Thailand, including the approximately 7 MW Theppana Wind Farm Project, which is the first project of its kind in the Kingdom to receive debt financing from the Asian Development Bank and the Clean Technology Fund.
  • Represented, Natural Energy Development Co., Ltd., the joint venture company of Hong Kong, Japanese and Thai sponsors, on the shareholder and financing arrangements for and project development of the approximately THB 9 billion mega solar power project in Lopburi Province, Thailand, totalling up to 73 MW under the Small Power Producer Program, including the subsequent expansion and related solar rooftop installations. This project was the first and, at the time, largest of its kind in the country, and was awarded “Solar Project Deal of the Year (Silver)” 2012 by Asian Power.
  • Represented affiliates of the Sonnedix Group, a Europe-based private equity solar power producer, on the development and acquisition of solar farms for its project portfolio in Thailand (approximately 18 MW), including in respect of lease and off-take arrangements and permitting, regulatory and tax matters.
  • Assisted on the documentation of investment and joint venture arrangements for a sponsor in the approximately US$1 billion, 600 MW coal-fired electricity generating facility in Bataan Province, the Philippines, which sells generated electricity to various offtakers under a hybrid merchant power structure. This project was the first merchant power plant in the country to be fully financed by the private sector and was awarded “Power Deal of the Year” 2010 by Project Finance International.
  • Represented a project company, which owns and maintains a 460 MW coal-fired electricity generating facility and a related 31 km transmission line in the Philippines, in the US$425 million refinancing of its project finance debt in 2011. The refinancing included the issuance of senior secured promissory notes and working capital facilities. Previously, represented the same company on its prior issuance of US$100 million unsecured mezzanine fixed-rate promissory notes in 2007.
  • Represented Electricity Generating Public Co., Ltd. on all aspects of the preparation and submission of multiple proposals to develop, build, own and operate gas-fired, combined-cycle electricity generating facilities in various regions of Thailand with a combined generation capacity of 2.8 GW as part of the Energy Ministry’s 2007 Independent Power Producer Solicitation Program.
  • Represented the project company of Singapore Stock Exchange-listed Hyflux Limited on the development, construction and financing of a US$100 million, 136,380 m3 per day desalination plant; the first desalination facility to supply potable water in Singapore. This milestone project was awarded “Asia Pacific Water Deal of the Year” 2003 by Project Finance International.
  • Assisted on the representation of Thailand’s electricity generating authority on its divestiture and commercial and capital markets financing of the 3.65 GW Ratchaburi Combined Cycle Gas Turbine Power Facility as part of the authority's privatization program. This landmark project was awarded “Asia Pacific Deal of the Year” 2000 by International Finance Law Review.

Memberships

  • Member, New York State Bar Association
  • Member, New York County Lawyers’ Association
  • Member, American Bar Association, Sections on International Law and on Business Law

Awards & Recognition

  • Recognized as a Leader in Projects & Energy, Thailand, Chambers Global (2018-2021) and Chambers Asia-Pacific (2018-2022)
  • Recognized as Recommended Lawyer for Projects & Energy, Legal 500 Asia Pacific, 2018–2022 and for Corporate and M&A, Legal 500 Asia-Pacific, 2019
  • Named as a ‘Deal Maker of the Year,’ Finance Monthly, 2014

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