Jitranut Narkmai

Jitranut focuses her practice on energy and infrastructure projects, renewable resources and M&A transactions.

An associate on the energy and infrastructure project finance team in the Bangkok office, Jitranut has substantial experience in the areas of traditional and renewable energy project developments, mergers and strategic acquisitions, foreign investments, real estate matters, and other relevant legal aspects of commercial transactions. She also advises public and private entities on corporate structuring, general corporate matters and commercial transactions.

Relevant Experience

  • Project Development and Mergers & Acquisitions: Represented Raimon Land Public Company Limited (SET: RML) on its land lease and joint venture arrangements with MEA Commercial Holdings Pte. Ltd. (MEA), a Southeast Asia-based investment arm of Mitsubishi Estate Co., Ltd., one of the largest real-estate developers in Japan, in relation to its Grade-A office building in downtown Bangkok: One City Centre. The One City Centre Project is the first-ever office building project of RML and the first real-estate investment portfolio in Thailand of MEA.
  • Project Development and Finance: Represented Raimon Land Public Company Limited, a renowned Thai stock exchange-listed real estate developer (SET: RML), on its land acquisitions and joint venture arrangements with Tokyo Tatemono Group (through Tokyo Tatemono Asia Pte. Ltd. (TTA)) in relation to its high-end residential condominium projects in Bangkok: The Estelle (Sukhumvit 26) and Tait 12 (Sathorn 12).
  • Project Development and Finance: 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 solar rooftop projects installed on industrial, storage and commercial buildings throughout Thailand. These arrangements include the creation of standardized private offtake agreements, permitting plans and leasehold arrangements.
  • Project Development and Finance: Represented a major Thai energy firm for the financing of 25 MW solar photovoltaic rooftop projects in Thailand.
  • Project Development and Finance: Represented a lending group consisting of the Asian Development Bank and a major Thai lender on the approximately US$160 million project financing of a 90 MW contracted capacity wind farm power generation facility 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 ADB-administered Clean Technology Fund.
  • Project Development and Finance: Represented Thai Stock Exchange-listed and major natural resources company, Banpu plc, on its investment and joint venture arrangements to acquire, own and develop several portfolios of solar power projects in Japan with an aggregate capacity of up to 100 MW, and on its acquisition of and investment in oil and gas assets in North America.
  • Project Development and Finance: Represented affiliates of Thai Stock Exchange-listed Padaeng Industries pcl on their investment in, and development, construction and financing of, a portfolio of up to five solar power projects, totalling 28.55 MW, in Japan. This flagship transaction was Padaeng Industries’ first major foreign investment in the renewable energy sector.
  • Mergers and Acquisitions: Represented Constant Energy Management Services Limited, a private renewable energy developer with assets in emerging markets, on its US-style leveraged financing and management buy-out of equity interests in operating ground-mount solar photovoltaic projects in Thailand totalling 17.5 MW, as well as 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.
  • Mergers & Acquisitions: Representing 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 cross-border mega wind farm project in Southern Lao PDR.
  • Mergers & Acquisitions: Represented Impact Electrons Siam Co., Ltd., an innovative energy company, in structuring, preparing and negotiating the shareholders agreement underpinning the joint venture arrangements to raise additional capital for solar project development in Thailand with the Saha Group, a group of Thai consumer goods conglomerate.
  • Mergers & Acquisitions: Represented Spectrum Power Company Limited, an investment vehicle for foreign and Thai private equity investors, in joint venture arrangements with B. Grimm Solar Power Rooftop Company Limited to develop portfolios of off-grid private-to-private rooftop solar PV projects in Thailand.
  • Mergers and Acquisitions: Represented Electricity Generating Public Company Limited on its US$453 million acquisition of a 40.95 percent ownership interest in the 630 MW Masinloc Power Facility in the Philippines in 2014, as part of the company’s strategic partnership with global power company, AES Corporation, in the Philippines. Subsequently, represented Electricity Generating Public Company limited on the US$87 million buy-out of the International Finance Corporation’s remaining ownership interest in the Masinloc Power Facility in 2016.
  • Mergers and Acquisitions: Represented real estate investor on their 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 first investment of the investor in the country.
  • Mergers and Acquisitions: Represented Thai Stock Exchange-listed Energy Absolute plc in its approximately US$21.6 million capital market investment in 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.
  • Mergers and Acquisitions: 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 and its subsequent buy-out of the remaining co-shareholders in 2017.
  • Mergers and Acquisitions: Represented a leading Japanese trading company on its acquisition of equity interest in a Thai Stock Exchange-listed and major natural resources company, and on further natural resources project development in Thailand.
  • Mergers and Acquisitions: Represented real estate investor on their preference share investment in, and senior loan financing to, subsidiaries of Thai Stock Exchange-listed PACE Development Corporation plc. The proceeds of this transaction, totalling approximately THB 8.4 billion, are to be applied towards construction and financing costs to complete the iconic MahaNakhon mixed-use condominium, hotel and retail skyscraper project in downtown Bangkok.


  • Ordinary Member, Thai Bar Association
  • Notarial Services Attorney, Lawyers Council of Thailand
  • Lawyer’s License, Lawyers Council of Thailand