We use cookies to give you the best online experience. By using our website you agree to our use of cookies in accordance with our cookie policy. Learn more here.Close Me
Australia: Norton Rose advises PT Wampu Electric Power on 45MW hydro energy project in North Sumatra, Indonesia
International legal practice Norton Rose Group, has advised PT
Wampu Electric Power on the development and project financing of a
45MW hydroelectric power project scheduled for completion in 2015
in North Sumatra, Indonesia. PT Wampu Electric Power is owned by
Korea Midland Power Co. Ltd., POSCO Engineering Co. Ltd. and
Indonesia's PT Mega Power Mandiri.
With financing of more than US$130 million provided by Korea
Eximbank and Sumitomo Mitsui Banking Corporation, power will
ultimately be sold to Perusahaan Listrik Negara (PLN), the
Indonesian state-owned power utility responsible for electricity
distribution. The power project is clean development mechanism
(CDM) certified under the United Nations Framework Convention on
Climate Change, also known as the Kyoto Protocol.
Laurie Pearson, Of Counsel, Norton Rose (Asia) LLP in Singapore,
commented:
"This was a highly complex transaction involving
multi-jurisdictions and highlights Norton Rose's energy
capability and the ability to operate within a highly specialized
area with experts sharing industry knowledge and sector expertise
across borders."
The North Sumatra facility will operate as a run-of-river
project in a protected forest, and generate cost-effective energy
in an area that is currently deprived of power.
"This is the first Indonesian power project to reach
financial completion for over two years and represents another
first with the involvement of the Korea Eximbank in a hydroelectric
power project in Indonesia," said Pearson.
The project is also the first private power project in Indonesia
to reach financial close that benefits from a business viability
guarantee letter issued by the Ministry of Finance, under
regulations introduced in 2011.
Leading on all development matters in Singapore was Laurie
Pearson, while Stephen Begley, partner, led on financing issues
together with Juhae Chae, Daniel Yong, Hannah Logan, James Atkinson
and Vanessa Chew. Also involved in the transaction were James
Morgan-Payler, partner of Norton Rose Australia in Melbourne and
Matthew Frazer together with Jakarta-based Ross Ramsay, Tissy
Anandita, and Haryo Baskoro.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”