White & Case Advises Brookfield on Sale of Malaysian Solar Energy Business

Global law firm White & Case LLP has advised Brookfield Renewable Partners (Brookfield), a publicly traded limited partnership which operates one of the world's largest publicly traded renewable power platforms, on its entry into a conditional sale and purchase agreement for the sale of its solar energy business in Malaysia to Taliworks Renewables Sdn Bhd (TRSB). 

TRSB is a wholly owned subsidiary of Taliworks Corporation Berhad, a Malaysian public utilities conglomerate listed on the Main Market of Bursa Malaysia Securities Berhad (the stock exchange of Malaysia). 

Pursuant to the transaction, which signed on November 30, 2020, TRSB has agreed to acquire the entirety of Brookfield's interest in Sunedison Solar Holdings 1 Pte Ltd (SE1), Sunedison Solar Holdings 2 Pte Ltd (SE2), Sunedison Solar Holdings 3 Pte Ltd (SE3) and Terraform Global Operating Malaysia Sdn Bhd (TGOM). The subsidiaries of SE1, SE2 and SE3 collectively own and operate four solar projects in Selangor, Malaysia with an aggregate capacity of 19.0 megawatts. TGOM is responsible for the operations and maintenance of these solar projects. Completion is subject to regulatory and other customary conditions precedent.

SE1, SE2, SE3 and TGOM are indirect wholly-owned subsidiaries of Terraform Global. Brookfield previously acquired these assets as part of its 2017 investment in a global renewable energy asset portfolio belonging to Terraform Global Power. 

The signing of the transaction follows the successful completion by Brookfield, in March 2020, of the sale of the entirety of its solar energy business in Thailand to Global Power Synergy Public Company Limited (GPSC), for approximately THB 3 billion (US$100 million) – a transaction on which White & Case also acted as lead counsel to Brookfield.

The White & Case team in Singapore which advised on the transaction was led by partner Jon Bowden with support from associates Rob Whitworth and Joey Lim. 

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