Norton Rose advises PLN, the Indonesian state-owned electricity

Norton Rose closes US$600,000,000 financing of Indonesian power project

Norton Rose (Asia) LLP has advised PLN, the Indonesian state-owned electricity utility, on a US$600,000,000 financing of the 1000MW Indramayu coal-fired power project in Java. The power plant is to be developed under PLN's “Fast Track” programme to construct and finance 10,000 MW of new generation capacity in Indonesia.
Bank of China was Coordinating Arranger and the other mandated lead arrangers were BNP Paribas, China Construction Bank Corporation, China Development Bank, Industrial and Commercial Bank Of China Limited, Société Générale and China Citic Bank Corporation Limited.
The loan is guaranteed by the Indonesian Ministry of Finance and is covered by Sinosure, the Chinese export credit agency.

The Singapore team also advised PLN on the two other Fast Track financings which have signed to date (arranged by The Export-Import Bank of China for the Paiton and Suralaya power projects) and is advising PLN on other projects within the programme.

The transaction was led by Jeff Smith, with support from Hannah Logan and Emily Raetz in Singapore and Tom Luckock and Charles Desmeules in Beijing.

HSBC, Hong Kong acted as financial advisers to PLN and Clifford Chance advised the Lenders.