Firm: Clifford Chance (Star Energy Group Holdings, Star Energy Geothermal, AC Energy Holdings Incorporated – a subsidiary of Ayala Corporation – and Electricity Generating Public Company); Undisclosed (Chevron)
Deal: A consortium comprising Star Energy Group Holdings, Star Energy Geothermal, AC Energy Holdings Incorporated and Electricity Generating Public Company has been advised on the entry into binding agreements to acquire global energy provider Chevron’s geothermal operations in Indonesia and the Philippines.
Key players: The legal team advising the consortium was led by Clifford Chance partners Melissa Ng and Andrew Brereton, with assistance from corporate and finance lawyers Valerie Kong, Cho Bong-Sang, Xu Yiting, Chua Si Wei, Vipavee Kaosala, Benjamin Moh, Lin Yang, Soumya Bhagavatula, Jonathan Lit and Ario Pamungkas.
Partner Mark Jan Arends also advised on the Dutch law aspects of this transaction, while partner Joseph Tisuthiwongse assisted on the Thai elements of the transaction.
Deal significance: The acquisition will see the consortium acquire Chevron’s geothermal assets in Indonesia and the Philippines.
The assets in both countries include geothermal fields with a combined capacity to generate more than 1,100 megawatts 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 south-east Asia this year,” Clifford Chance partner Melissa Ng said.
“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.”
This transaction comes after 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 $17.4 million grant from the Australian Renewable Energy Agency and benefits from a power purchase agreement with Origin Energy.