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 .

Jocelyn De Carvalho, Public Relations Manager; +1 212-530-5509;

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