We specialise in large scale, award winning and market-leading Energy & Infrastructure transactions in Indonesia - covering renewables, hydrogen and other decarbonisation/energy transition technologies, infrastructure (including digital, social and transport), batteries, smart meters and storage, mining, oil and gas, refining and petrochemicals, LNG, thermal power and water.
We act for governments, sponsors, financial institutions, contractors and suppliers. Our broad experience advising the full range of market participants means that we are able to anticipate, and importantly to understand, issues and problems that may arise during the course of a transaction and find constructive solutions to them.
Full service practice
Our sector aligned team provides the full range of finance solutions to clients, including project finance, acquisition finance, and commodity and structured financing. We have market-leading experience of commercial bank and bond market financings and complex multi-source financings with export credit agencies (ECAs), international financial institutions and multilateral development banks.
We have a specialist construction team which sits within our Energy & Infrastructure practice, which can advise on all construction documentation relating to a project. We also work everyday on drafting and negotiating commercial contracts, including supply agreements, offtake arrangements, agreements with government(s) and license agreements across the entire Energy & Infrastructure space.
We provide sector focused advice within the context of M&A transactions, specifically around asset level due diligence and joint ventures as well as advice on regulatory and government agreements.
Oil and gas
Our practice covers all aspects of the sector, including the upstream, midstream and downstream processes of the oil and gas business.
We advise on all aspects of oil and gas projects, including on:
- production sharing contracts and other co-operation contracts;
- joint bidding agreements and other joint participation arrangements during exploration (including financial carriers);
- investment structures (including farm-ins and joint operations/ventures); > project development;
- project financing;
- mergers and acquisitions;
- natural gas and LNG shareholders' agreements;
- sale and purchase agreements;
- gas transportation agreements;
- fuel storage, processing and refining;
- project agreements (including FEED construction, construction contracts, drilling contracts and other services agreements);
- disputes (including arbitrations); and
- regulatory advice.
Work highlights:
- Inpex Masela on the development and financing of its LNG project in Masela Block, Eastern Indonesia.
- Tangguh LNG Train 3 Expansion Project: The Train 3 Project involved a US$3.7bn multi source financing including from international commercial banks, leading ECAs and developmental agencies. This was one of the largest deals in the country.
- Pertamina: on various projects including existing refinery upgrades, acquisition of a 100% participating interest and operatorship of the Mahakam PSC, and Refinery Development Master Plan (RDMP).
Renewables
We are at the forefront of geothermal energy projects in Indonesia, having played significant roles in advising the government, financiers, developers and operators on most of the major geothermal projects in Indonesia.
We regularly advise sponsors, construction contractors, developers, host governments and parties to a range of corporate acquisitions and disposals of renewables portfolios and assets. Our decades of combined experience have successfully delivered numerous high-profile renewables projects to financial close.
We have an in-depth understanding of all established renewable energy asset classes, including solar PV, solar thermal, onshore wind, offshore wind, biomass, geothermal, hydropower and energy-from-waste. We provide a full-service legal solution for these assets to governments, corporates, lenders and investors:
- Regulatory and policy design: opening up new markets through advising governments, industry groups and pioneer clients on locally relevant solutions that facilitate international investment;
- Projects: development, construction and contracting, offtake, PPAs, financing (including project financing, ECA and Multi-lateral financing, portfolio, HoldCo and acquisition financing and capital markets financing) and divestment of individual assets and portfolios, including some of the worlds’ largest individual investments; and
- Corporate and corporate finance: corporate governance, listing, corporate financing, restructuring and reorganisation of renewable energy companies.
Work highlights:
- Asahan 1 Hydroelectric Power Project: advising RATCH Group Public Company Limited on its acquisition of a majority interest in Asahan 1 Hydroelectric Power Project, a hydroelectric power plant in North Sumatra, Indonesia.
- Sarulla geothermal power project: advising the Government of Indonesia in the review of geothermal IPP development and preparation of Joint Ministerial Regulation on the ownership status of geothermal assets under Joint Operation Contract to enable external financing for geothermal power development under the JOC, especially the financing of Sarulla geothermal power project by JBIC.
- Loan facilities to Star Energy Geothermal: advising the lenders on the US$660m secured loan facilities for the purpose of the financing for the Star Energy Group consortium’s equity contribution towards acquisition of a portfolio of Indonesian geothermal assets originally owned by Chevron (Darajat and Salak geothermal projects).