Shearman & Sterling has represented advised French utility conglomerate Engie Global Developments and International Power (Impala) on the sale of their 35.5 percent stake in Indonesia’s Paiton coal-fired power plant to Qatar-based infrastructure investment firm Nebras Power, which turned to Clifford Chance for counsel.
The transaction, which is expected to be completed in the second half of 2016, will give Nebras access to the Indonesian energy market. With over 2,000 megawatts (MW) of operating base, Paiton is the biggest largest independent power producer in the country and represents 4 percent of Indonesia’s total installed capacity.
Shearman and Trilegal also advised Engie on an agreement to sell its 89.11 percent holding in Meenakshi Energy in India to Kolkata-based India Power Corp., which was tapped Khaitan & Co as its legal counsel.
Meenakshi owns two coal-fired thermal plants – one under construction – in India’s southeastern state of Andhra Pradesh. The deal, which is scheduled to be close at the same time as the Paiton sale, is part of the Indian energy producer’s push to boost its thermal power portfolio.
London-based partners Laurence Levy, Matthew Powell, Nick Buckworth and Simon Letherman led the Shearman & Sterling team. Partners Yogesh Singh and Neeraj Menon headed the Trilegal team, which oversaw aspects of the deal related to Indian law.
Khaitan partner Upendra Joshi headed the team that advised Meenakshi on Indian legal matters.
