Norton Rose Fulbright advises lenders on financing for PacificLight’s new 670MW hydrogen-ready CCGT power plant in Singapore

Global law firm Norton Rose Fulbright has advised the lenders on the financing to PLM Power Pte. Ltd., a subsidiary of PacificLight Power Pte. Ltd., for the development of a new 670MW hydrogen-ready H-class combined cycle gas turbine (CCGT) power plant in Singapore. The hydrogen-ready facility will contribute to Singapore's transition towards a lower-carbon energy system.

The financing, structured as an "energy transition facility", was supported by Malayan Banking Berhad, DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited, and the Singapore branches of National Bank of Kuwait S.A.K.P, ING Bank N.V., The Bank of East Asia Limited, China CITIC Bank International Limited, and Taipei Fubon Commercial Bank Co., Ltd, with Maybank Securities Pte Ltd acting as the financial advisor to PLM Power Pte. Ltd.

Construction of the plant is expected to commence in 2026, with operations scheduled to commence in 2029.

Singapore partners Aditya Rebbapragada and Nick Merritt led the Singapore-based transaction team, supported by partners Andrew Digges and Yu-En Ong and associate Alden Tan. Chou Ching of Rajah & Tann Singapore LLP advised on the real estate aspects of the financing.

Aditya commented:

"This financing marks an important milestone in the development of a next-generation power asset in Singapore. Hydrogen-ready CCGT projects such as this play a key role in balancing energy security with the transition to lower-carbon power generation. We are pleased to have supported the lenders on this transaction."

Nick commented:

"New high-efficiency power plants such as PacificLight's hydrogen-ready facility form the foundation of a more resilient, diversified and lower-carbon power system in Singapore, combining the reliability of domestic dispatchable generation with the sustainability benefits of cleaner energy."

Norton Rose Fulbright's lawyers provide the full spectrum of legal services in the renewable energy sector. The firm is widely recognized for its involvement in pioneering first-in-jurisdiction and first-in-technology renewable energy projects around the world, particularly across the Asia Pacific region.