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Shearman & Sterling LLP : & Sterling Advises Sponsors on a $4.3 Billion Coal-Fired Power Project in Indonesia

by June 6, 2016 General

Shearman & Sterling advised Bhimasena Power Indonesia (BPI) on the development and financing of the approximately US$4.3 billion 2,000MW Central Java greenfield coal-fired power project in Indonesia. The project, located in Batang Regency in Central Java, will be Indonesia’s first ultra-supercritical coal-fired power plant and one of the largest coal-fired power plants in Asia. The shareholders in BPI are Electric Power Development Co. (34%), Adaro Power (34%) and Itochu Corporation (32%). The project is the first public private partnership (PPP) project that combines a guarantee of the Indonesia Infrastructure Guarantee Fund with a guarantee from the Ministry of Finance of Indonesia.The debt package for the project is approximately US$3.4 billion, and the lenders include Japan Bank for International Cooperation and a syndicate of nine commercial banks: Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Sumitomo Mitsui Trust Bank, Mitsubishi UFJ Trust and Banking Corporation, Shinsei Bank, The Norinchukin Bank, DBS Bank and Overseas-Chinese Banking Corporation.The Shearman & Sterling team was led by partner Bill McCormack (Singapore-Project Development & Finance) and included partners Ben Shorten (Singapore-Project Development & Finance) and Etienne Gelencsér (Tokyo-Project Development & Finance); with support from counsel Scott Baggett, Alfred Ng, Anna Chung (all Singapore-Project Development & Finance) and Crystal Chen (Hong Kong-Project Development & Finance); and associates Chad Passlow, Nick Sinclair, Sarah Park (all Singapore-Project Development & Finance), Chongxiao Liu (Hong Kong-Project Development & Finance), Nathaniel Rowe (Tokyo- Project Development & Finance) and Thomas Evans (London-Finance Group).Shearman & Sterling LLP published this content on 06 June 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 06 June 2016 22:34:05 UTC.
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