Baker McKenzie advised EGCO Group on the sale of geothermal power plant stakes to Star Energy Group
Baker McKenzie advised EGCO Group on the sale of geothermal power plant stakes to Star Energy Group
Baker McKenzie, an international law firm, along with its Singapore-based affiliate Baker McKenzie Wong & Leow, provided legal advice to Electricity Generating Public Company Limited (EGCO Group) in the sale of its complete stake in three geothermal power plants located in Indonesia to Star Energy Group Holdings Pte. Ltd.
As per the terms of the agreement, EGCO Group sold off 20 per cent of the issued and fully paid-up ordinary shares in Star Energy Geothermal Pte. Ltd. and 30.25 per cent of the issued and fully paid-up ordinary shares in Star Phoenix Geothermal JV B.V. for a total amount of USD 485 million.
These two firms have stakes in three geothermal power plants - Wayang Windu, Salak, and Darajat - situated in West Java, Indonesia.
The transaction involved a team of specialists with diverse areas of expertise, led by Preeda Meksrisuwan, Corporate & Commercial Partner in Bangkok, and Bee Chun Boo, Principal at Baker McKenzie Wong & Leow in Singapore.
Other legal professionals who played a role in the transaction include Hojung Jun, Senior Associate, Lawrence Gregory, Associate, based in Singapore, Jarae Sithiwong, Associate in Bangkok, and Suzanne van Balen, Associate in Amsterdam.
"This transaction provides our client with the funding to develop new investment opportunities in the future, especially in renewable and clean energy projects with superior growth potential. We are pleased to have been able to help bring this strategic deal to fruition for our client," Preeda said about the deal.
