Clifford Chance advises on acquisition of Chevron's geothermal assets

By Romel S. Gurky

International law firm Clifford Chance said it has advised a consortium comprising of 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 on the entry into binding agreements to acquire global energy provider Chevron's geothermal operations in Indonesia and the Philippines.

The assets in both countries include geothermal fields with a combined capacity to generate more than 1100 MW of electricity and steam.

"We are very pleased to have assisted the consortium of Star Energy, AC Energy and EGCO on this landmark transaction, the largest in the sector in Southeast Asia this year. We congratulate the consortium, who prevailed in a competitive and well publicised auction process, and look forward to assisting them to complete their acquisition of these highly sought after renewable energy assets," said Clifford lead partner Melissa Ng in a statement Thursday.

Clifford said this transaction cements the firm?s position as a leading adviser in the renewable energy sector. Recently, Clifford Chance advised on the financing of Australia's first integrated solar and storage project of scale. Located in Far North Queensland, the Conergy-sponsored project also received an A$17.4 million grant from the Australian Renewable Energy Agency (ARENA) and benefits from a power purchase agreement with Origin Energy.

Editing by Reiner Simanjuntak