Strategic consulting

PIC works with sponsors and investors to devise critical early stage and project development strategy to ensure project viability and bankability.

We devise country and project specific strategy, determine optimal corporate and transaction structures to maximise returns and attract future investment, advise on policy and government engagement and undertake evaluation of potential strategic partners and targets.

• Optimal transaction structuring
• Country, project and stakeholder strategy
• Identification of strategic partners and opportunities
• Government relations and public affairs
• Engagement with national government ministries and provincial level authorities
• Project evaluation, assessment and due diligence

 

Policy and regulatory analysis

We provide insight and analysis with respect to Vietnam’s policy and regulatory framework with a focus on the power sector and foreign direct investment.

With a team that brings over 25 years experience of advising on Vietnam’s largest power projects and M&A transactions our analysis both informs and enables investment.

• Optimal transaction structuring
• Policy and regulatory advice on Vietnam’s energy sector
• Identifying current and emerging risk (regulatory, reputational and market)
• Advising on IPP and PPP frameworks
• Mapping and navigating the licensing and permitting process for power project development
• Advising on draft legislation and legislative change

 

Macro and sector research

PIC undertakes macro, sector and market research with respect to Vietnam’s power sector.

We combine expertise in macro and sector research with a deep understanding of the policy and regulatory environment that facilitates foreign investment into Vietnam’s power sector.

• Analysis of national power planning and development
• Sector and market research across technologies
• Identification of market trends and risks
• Assessment of national power balance, consumption and supply
• Provincial power planning and development
• Power pricing
• Transmission grid development and connection analysis
• Vietnam’s clean energy policy and regulatory reform roadmap

 

Project development advisory

We work with project sponsors to plan and execute the pre development phase of power projects in Vietnam.

Working as advisers alongside development teams through the project development cycle we mitigate risk and delay whilst optimising project feasibility and delivery.

• Early stage structuring and government engagement
• Mapping and managing the project approval process and obtaining all licensing and permits
• Leading stakeholder and government engagement to ensure project progression through to COD
• Engaging with provincial and national authorities on project development and regulatory hurdles
• Managing tender processes and applications
• Mandating and negotiating with third party contractors (EPC, O&M)

 

Transaction advisory

PIC devise and enable optimal structures and transactions, with the aim of limiting sponsor recourse ensuring project bankability and maximizing project success and completion.

We manage transactions and provide strategic guidance on delay mitigation, regulatory review and engagement through the project life cycle.

• Project structuring
• Project and target due diligence
• Bankability analysis
• Leading negotiation of partnership agreements (JDA, SHA, SPA)
• Advising on financing and project document negotiations.
• Transaction and documentation management.
• Mandating and coordinating third party advisers and contractors

 

Financial advisory*

*Financial advisory services detailed are provided in Vietnam only via PIC’s affiliate

In Vietnam we work on both the sell side and buyside with respect to greenfield and brownfield assets, on single and portfolio deals.

We advise on debt and equity fundraisings, across a spectrum of debt mandates and to identify the most competitive sources of equity/mezz funding given the specific objectives of the sponsor.

• Development of project financial model, sensitivity analyses on financing options, costing strategy
• Due diligence and audit of seller’s model
• Analysis of current business structure and performance to advise on optimal sale structure.
• Prepare a comprehensive marketing package (teaser, term sheet, MOU)
• Preliminary restructuring and preparatory work to ensure a swift execution and maximize valuation for the seller
• Manage wide-ranging funding competitions with all available funding sources
• Market consultation to seek proposals, indicative then binding, from investors

 

Nimble resourcing approach

We believe our clients should be served by the best team on the most cost efficient basis and we ensure this through our unique resourcing model.

PIC is both nimble and connected enabling us to find and manage the right fit for you. Our strong regional network and deep knowledge of the market allows us to identify the best individuals for your needs and bring them together for your deal. We look beyond firms and focus on the expertise of the individuals. Through this flexible approach we ensure you have the right team whilst avoiding the fixed and inbuilt costs of single service firms.

 
 

Partnerships

PIC-Index Asia

PIC’s joint venture with Index Asia (www.index-asia.com) formed in February 2019 provides our clients with a comprehensive advisory solution for project development and investment into Vietnam. As a team we bring together a combination of project and corporate finance expertise from leading financial, consulting and law firms (HSBC, McKinsey, Indochina Capital, Clifford Chance and VILAF). Our strong background in project financing, M&A, strategic advisory, transaction structuring, and legal & regulatory analysis enables us to offer our clients with a comprehensive and market leading advisory service.

VILAF

PIC are experts in Vietnam’s legal, regulatory and licensing regime. With over 25 years of experience of Vietnam’s legal system and in conjunction with the leading local law firm VILAF, we offer a unique full service advisory team combing leading local expertise and knowledge with international structuring, project and transaction management.