3 March 2016
Clifford Chance advises SDIC Power on acquisition of 40% stake in Indonesian coal fired steam power station
Leading international law firm Clifford Chance has advised SDIC Power Holdings Limited, which is listed on Shanghai Stock Exchange and is a subsidiary of State Development and Investment Corporation, on its acquisition of 40% of the equity interest from Genting Power in the Banten Project, a 660MW coal fired steam power station located in Indonesia. This is SDIC Power's first outbound investment.
Partner Terence Foo led the deal and was supported by partner Tim Wang, senior associate Julie Zhu and associate Iris Liu. Our associated firm in Jakarta, Linda Widyati & Partners, also advised. That team was led by partner Arisia Pusponegoro, senior associates Dede Fikry, Eko Prasetio, and associate Tiara Yara. Partner Jiahua Ni advised on the financial aspects. He was supported by senior associate Danielle Delbridge, associates Dean Bao, and Benjamin Moh.
"We were delighted to assist SDIC Power on its first outbound investment. This is just one of a number of outbound investments in line with China's 'One Belt One Road' initiative that we are working on for Chinese companies," Terence said. "This deal is yet another example of providing the best cross-border team for our client, this time working seamlessly with our associated firm in Jakarta, LWP."