Milbank Advises International Banks in Chevron#s Sale of Indonesian Renewable Assets

Energy Press Releases Tuesday April 4, 2017 18:46
SINGAPORE--4 Apr--PRNewswire/InfoQuest
  • Sale includes one of world's largest geothermal facilities

In another major power, energy and natural resources transaction in Asia, Milbank, Tweed, Hadley & McCloy LLP advised a group of international banks in connection with the multi-billion dollar acquisition of certain geothermal assets in West Java, Indonesia. The assets, sold by affiliates of Chevron Corp., have a combined capacity of 650 megawatts – enough to power about 3 million homes in Indonesia – and include the Darajat and Salak projects. The Salak project is one of the largest geothermal facilities in the world.

The loans, which are supported by a multi-jurisdiction cross-border guarantee and security package, were provided to a wholly owned subsidiary of a consortium comprising Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd., AC Energy Holdings, Inc. (a subsidiary of Ayala Corporation) and Electricity Generating Public Company Limited (collectively, the "Consortium").

The Consortium was selected as the winning bidder of these assets after an extensive and highly competitive bid process held in 2016.

Milbank advised the mandated lead arrangers Bangkok Bank Public Company Ltd., Bank of China Ltd., BPI Capital Corp., BDO Unibank Inc., DBS Bank Ltd., RCBC Capital Corp., Sumitomo Mitsui Banking Corp., Singapore Branch, and The Bank of Tokyo-Mitsubishi UFJ, Ltd.

The Singapore-based Milbank team was led by Asia Managing Partner David Zemans and senior attorney James Orme, and included Pablo Malay, Cristy Cross, Daniel Elliott, Martin Wong and Robert Wyse Jackson. Additional support was provided by Stuart Harray, Patrick Holmes and Sarah Ullathorne, in Milbank's London office.

Mr. Zemans said, "Milbank is delighted to have been able to work with this impressive Consortium and all of the financial institutions to help make this transaction a success. It was a very competitive process and the acquisition of these highly desirable assets will provide the Consortium with access to a steady and environmentally friendly source of energy in one of Asia's fastest growing and most vibrant economies."

The acquisition is the latest in a string of successful power, energy and natural resources transactions in Indonesia completed by Milbank's team in Asia. Within the past six months alone the firm acted on four such deals, including the multi-billion dollar acquisition and related financings of a controlling stake in mining company PT Amman Mineral Nusa Tenggara (previously PT Newmont Nusa Tenggara), the financing of the 200MW Kalsel coal-fired power plant, the financing of the 52MW Hasang run-of-the-river hydro-electric power plant (Hasang HEPP), and the financing of the Supreme Energy Muara Laboh 80MW geothermal power project.

About Milbank

Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that provides innovative legal services to clients around the world. Founded in New York 150 years ago, Milbank has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC. Milbank's lawyers collaborate across practices and offices to help the world's leading commercial, financial and industrial enterprises, as well as institutions, individuals and governments, achieve their strategic objectives. For more information please visit   www.milbank.com .

Jocelyn De Carvalho, Public Relations Manager; +1 212-530-5509; jdecarvalho@milbank.com

Latest Press Release

EGAT hosts Thailand Energy Efficiency Week 2017 Premium showcase of Thailands readiness and potential in organizing international trade fairs

The Electricity Generating Authority of Thailand ("EGAT"), in cooperation with IMPACT Exhibition Management Co., and MEX Exhibitions, proudly present Thailand Energy Efficiency Week 2017 ("TEEW 2017"). Innovations and cutting- edged energy efficiency...

Puma Energy Enhances World Economic Forum Membership

Puma Energy, the globally integrated midstream and downstream energy company, is proud to announce it has upgraded its membership of the World Economic Forum to be Strategic Partner Associate and as part of this will be attending the upcoming World...

Over 3000 Digital Utility Professionals Gather in Bangkok for the 18th Annual Asian Utility Week

Asian Utility Week, a brand belonging to Clarion Events, takes place at Impact Arena, Exhibition & Convention Center, Bangkok, Thailand on 24-25 May 2017. Asian Utility Week is a large scale expo with conference designed specifically for Asian...

Trina Solar receives 20MW Bifacial PERC DUOMAX twin Module Order

Trina Solar Limited ("Trina Solar" or the "Company"), a global leader in photovoltaic modules, solutions, and services, announced a 20MW module supply contract for its newly launched product DUOMAX twin, a bifacial module built with PERC and dual glass...

ICIS Launches This Year#s Search for Best Chemical Industry Innovations

ICIS ( http://www.icis.com ), the trusted information provider for the global chemical and energy industries, today calls for entries for its 14th annual ICIS Innovation Awards ( http://www.icis.com/awards ), designed to recognise outstanding...

Related Topics