News

Icelandic and Vietnamese law firms to cooperate on geothermal regulatory reform and funding

Signing ceremony with representatives of BBA and Baker & McKenzie (source: BBA)
Alexander Richter Alexander Richter 10 Nov 2015

Iceland-based law firm BBA and the Vietnam based law firms of Baker & McKenzie and BMVN International have signed a cooperation agreement on geothermal regulatory reform work and funding in Vietnam.

In conjunction with the state visit of the President of Iceland to Vietnam, Icelandic law firm BBA and Vietnam based firms Baker & McKenzie (Vietnam) and BMVN International LLC  have signed a Cooperation Agreement.

The agreement entails work on a comparative study on the geothermal regulatory framework in Iceland and Vietnam for the purposes of reforming the regulatory framework in Vietnam.  During the events of the visit, Iceland’s Ministry of Foreign Affairs and the Ministry of Industry and Trade in Vietnam signed a Memorandum of Understanding on cooperation in geothermal development, as we reported on earlier.

Vietnam is preparing to commence the harnessing of its geothermal reservoirs and looks to enhance its regulatory framework by drawing from the experience of Icelandic authorities, who have a long standing experience in the utilisation of its geothermal energy resources for district heating and electricity production.  As part of the cooperation, the law firms aim to seek funding for the implementation of such reform.

BBA is proud to work with Baker & McKenzie and BMVN International on this exciting project, helping to apply Icelandic know how and experience in implementing and applying a geothermal regulatory framework, which aims at generating interest from private investors, helping to protect state interests and contributing to a safer and cleaner energy production.”, so Baldvin Bjorn Haraldsson, Supreme Court Attorney and Partner at BBA.

BBA Legal is an Iceland based law firm and has leading in the field of mergers and acquisitions, capital markets, banking and corporate finance, bankruptcy law, PFI projects and general corporate and commercial law. The company has also been involved on several deals related to geothermal energy both in Iceland and internationally.