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Allen & Overy advises on USD4.2 billion project financing for Indonesian power plant expansion

 

26 May 2017

Allen & Overy has advised the sponsor consortium of PT Bhumi Jati Power on the project financing of the Tanjung Jati B coal-fired power plant Units 5&6 Expansion Project in Indonesia.  

​PT Bhumi Jati Power, the project company, is a joint venture between Sumitomo Corporation, The Kansai Electric Power Company, Incorporated, and PT United Tractors Tbk.

The Tanjung Jati B coal-fired power plant in Indonesia’s Central Jawa currently houses four power plant units with a total generation capacity of 2,640MW. The project involves the construction of two new high efficiency ultra-supercritical coal-fired power plant units, each with a generation capacity of 1,000 MW, in an area adjacent to the existing units. This is one of the largest coal-fired expansion projects in Asia and when construction is complete, Tanjung Jati B will be one of Asia’s largest coal-fired power plants

Commenting on the deal, Tokyo-based partner Matthias Voss said: “We are delighted to have advised Sumitomo Corporation, The Kansai Electric Power Company, Incorporated. and PT United Tractors Tbk on such a significant project for Asia’s energy industry. There were many complexities associated with the project financing and we drew on both local and international expertise within the Allen & Overy team to provide market-leading advice. We were able to take a unique approach to the power purchase agreement, for example, including the introduction of changes to the risk allocation introduced by Indonesia’s state energy company.”

The Allen & Overy team was led by Matthias Voss from Tokyo with support from Jakarta-based counsel Michael Tardif, and Tokyo-based Associates Akira Takahashi and Sung-soo Shin.

The project reached financial close on 31 March 2017 and the plant is scheduled to be operational by 2021.

For further information, Please contact Nadine Gibbon, nadine.gibbon@allenovery.com, on +852 2974 7090.

Notes for Editors:

  1. Allen & Overy is an international legal practice with approximately 5,200 people, including some 530 partners, working in 44 offices worldwide.
  2. In this press release 'Allen & Overy' means Allen & Overy LLP and/or its affiliated undertakings.
  3. The term 'partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.

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Nadine Gibbon
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