Clifford Chance advises SDIC Power on PLTU Banten acquisition
Thursday, March 3 2016 - 03:08 PM WIB
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Leading international law firm Clifford Chance LLP has advised SDIC Power Holdings Limited, which is listed on Shanghai Stock Exchange and is a subsidiary of State Development and Investment Corporation, on its acquisition of 40 percent of the equity interest from Genting Power in a 660=MW power plant project in Banten province.
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?This is SDIC Power's first outbound investment,? Clifford Chance said in a statement on Thursday.
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The firm did not provide details about the project but reports in 2012 said Genting?s subsidiary PT Lestari Banten Energi planned to develop PLTU Banten with a capacity of 660 MW in in Salira village, in Pulo Ampel district, Serang regency. Genting's indirect wholly-owned unit Lestari Listrick Pte Ltd owns 95 percent stake of Lestari, while PT Hero Inti Pratama, whose holding company is the founding shareholder of Indonesia's listed PT Hero Supermarket Tbk, owns the balance.
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The firm had signed power purchasing agreement (PPA) with public utility PT Perusahaan Listrik Negara (Persero) (PLN) and the project was expected to be completed in 2017, according to reports in 2012.
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Clifford Chance further said its partner, Terence Foo, led the deal and was supported by partner Tim Wang, senior associate Julie Zhu and associate Iris Liu. Our associated firm in Jakarta, Linda Widyati & Partners, also advised. That team was led by partner Arisia Pusponegoro, senior associates Dede Fikry, Eko Prasetio, and associate Tiara Yara. Partner Jiahua Ni advised on the financial aspects. He was supported by senior associate Danielle Delbridge, associates Dean Bao, and Benjamin Moh.
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"We were delighted to assist SDIC Power on its first outbound investment. This is just one of a number of outbound investments in line with China's 'One Belt One Road' initiative that we are working on for Chinese companies," Terence said. "This deal is yet another example of providing the best cross-border team for our client, this time working seamlessly with our associated firm in Jakarta, LWP."
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Editing by Johannes Simbolon