Clifford Chance

Clifford Chance advises APG on its co-investment with ADIA and INA in Indonesia's Trans-Java Toll Road

Global law firm Clifford Chance has advised one of the world's largest pension investors APG Asset Management N.V (APG) on the establishment of and its co-investment in Indonesia's first toll road investment platform alongside sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and Indonesia Investment Authority (INA).

The investment is in Indonesia's Trans-Java Toll Road sections of Kanci-Pejagan and Pejagan-Pemalang, the initial seed assets for the toll road investment platform, which is targeting up to US$2.75 billion of investment in Indonesia's toll road networks. The investments in the Kanci-Pejagan and Pejagan-Pemalang toll road sections is expected to boost Indonesia's regional connectivity and economic development.

Singapore partner Melissa Ng led the Clifford Chance team advising on the international aspects of the transaction, with support from Hong Kong partner Bryan Koo, Singapore counsel Stephanie Juwita Liman, and Singapore trainee Max Herberg Fernandez. ABNR advised on local Indonesian law.

Melissa Ng said, “We are delighted to have advised APG on its milestone investment in the Trans-Java Toll Road, an infrastructure project which aims to help connect and grow Indonesia's economy. This transaction builds on our track record advising on the most significant investments in large-scale infrastructure and energy assets in Asia Pacific."

Clifford Chance is a market-leading adviser in the infrastructure and energy sector, previously advising Barito Renewables on its acquisition of five wind farm assets in Indonesia, AGP on Stonepeak's strategic investment in its portfolio of sustainable real assets and Daiwa Energy and Infrastructure on its acquisition as part of a consortium of Celtic Roads Group (Waterford) DAC