Ashurst represented Société Générale on the deal.
Société Générale acted as lender, hedging bank and agent in connection with the US$20 million financing of the Quantum and Sambelia utility-scale solar PV power projects in Indonesia developed by Berkeley Energy, a leading renewables energy fund.
Quantum and Sambelia are part of the first wave of utility-scale solar projects in Indonesia launched in 2017 and support PLN (the national utility) and the Government of Indonesia’s strategy to boost the share of renewables in the energy mix and reduce reliance on diesel and coal power generation, which has recently been supplemented by a target to achieve carbon neutrality by 2060. These projects also represent the first ever solar projects in Indonesia financed solely by an international commercial bank.
The Ashurst team comprised of a joint team with OSP (Ashurst’s Jakarta associated office) and ADTLaw (Ashurst’s Singapore law FLA), led by partners Frederic Draps (Picture) and Alfred Ng, supported by Michelle Phang, Rizaldy Tauhid, Vanessa Teo, Khairunissa Yuliandhini and Timothy Lim.
Law Firms: Ashurst;
Clients: Société Générale;