Shearman & Sterling advises on sale of Paiton stake
Wednesday, March 2 2016 - 01:59 PM WIB
New York-based law firm Shearman & Sterling announced on Tuesday that it advised Engie Global Developments B.V (Engie) and International Power (Impala) on the sale of their stake in the Paiton power plant in Indonesia to Qatari infrastructure investment firm Nebras Power Q.S.C (Nebras).
The deal is expected to close in the second half of 2016, subject to customary approvals and regulatory consents.
Paiton is Indonesia's largest independent power producer with over 2,000 megawatts (MW) of operating base. It represents four per cent of Indonesia's total installed capacity.
Simultaneous with the Paiton transaction, Shearman & Sterling also advised Engie on the sale of its entire shareholding in Meenakshi, a 1,000 MW coal-fired power plant in Andra Pradesh, India, to India Power Corporation Limited (IPCL). The deal is expected to close at the same time as the Paiton transaction.
Editing by Johannes Simbolon