Deal Spotlight - DNA Vietnam: Offshore Wind and Water Infrastructure M&A in Vietnam

As Vietnam pushes towards its 2050 net-zero commitment, international capital continues to move into the country's wind, solar and water assets. Much of that activity turns on getting the local corporate, regulatory and structuring work right. Two recent transactions show the range of that work.

Back-to-back M&A on the Phu Cuong Soc Trang offshore wind project
Renewable energy · Cross-border corporate M&A · 
DNA Vietnam advised Phu Cuong Group on a back-to-back M&A transaction involving a large-scale offshore wind project in Vietnam, in which the client acquired the equity stake held by its international joint-venture partner and then sold the majority stake in the project company on to a local developer. In particular, the project was originally developed through a joint venture between Phu Cuong Group and an international developer, with an initial development phase of 200MW. Following a strategic shift in its partner’s regional focus, Phu Cuong Group acquired 70% interest in the project company from its partner, then sold a majority stake in the company to a Vietnamese developer. Structuring a simultaneous buy-out and onward sale of this size demanded tightly co-ordinated corporate and transactional work to keep both legs of the deal aligned through to completion.

Disposal of equity stakes in a Hanoi water-supply project
Water infrastructure · Cross-border corporate M&A · Vietnam–Singapore
DNA Vietnam advised Aqua One Water Corporation, a leading local developer in the water industry, on a transaction bringing in InfraCo Asia, an infrastructure investment fund, as a co-development investor in AquaOne's water supply project in Phu Tho province (formerly Hoa Binh), aimed at supplying clean water to residents in Hanoi. The deal involved InfraCo Asia acquiring equity stakes in two separate project companies managing the two project components in Hanoi and Phu Tho (formerly Hoa Binh), respectively, each at a different stage of development. Deals of this kind, which pair an established local water operator with a development-finance investor, depend heavily on getting the shareholding, governance and project-company structures right, and sit at the centre of Vietnam's drive to close its urban water-infrastructure gap.

Further reading:
DNA Vietnam LLC — firm profile on alliottglobal.com
More from the Alliott Global Alliance Deal Spotlight series

About Deal Spotlight:

Deal Spotlight is a series from Alliott Global Alliance (AGA) highlighting notable transactions and matters handled by AGA representative firms around the world. Previous editions have featured Deutsch Miller's Corporate and M&A Deals in Australia's Technology and Consumer Sectors, Madrona's recent M&A and capital markets work in Brazil, Simont Braun's advice on the sale of MindCapture in Belgium, Wildeboer Dellelce: Cross-Border M&A and Capital Markets from Canada and Madrona Advogados acting as deal counsel on a R$16.1m real estate securitisation (CRI) for Valora.

About DNA Vietnam LLC:

DNA Vietnam LLC AGA's law firm representative in the country, is a boutique corporate law firm based in Hanoi, offering legal services to foreign investors and businesses operating in Vietnam. Founded in 2020 by Thanh Son Dang and Chi Lieu Dang — both formerly partners at a leading US-headquartered international law firm — DNA advises across corporate and M&A, technology, media and telecommunications, commercial, and banking and finance law, with particular strength in renewable energy and infrastructure. The firm has represented Alliott Global Alliance as its law member in Vietnam since 1 January 2021. Read more.