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Milbank, Tweed, Hadley & McCloy has advised Adaro Energy and Korea East-West Power on the financing of a $545 million 200 MW Kalsel coal-fired power plant project in Indonesia.   

Shearman & Sterling is also involved in the deal, representing Korea Trade Insurance Corporation (K-Sure) and the project’s lenders, which include Korea Development Bank, Bank of Tokyo-Mitsubishi (BTMU), DBS Bank, Mizuho Bank, Sumitomo Mitsui Banking Corp (SMBC) and HSBC Bank.

Adaro Energy’s Adaro Power unit will own a 65 percent stake in the project company, Tanjung Power Indonesia, while Korea East-West Power will take the remaining 35 percent through its subsidiary, EWP Indonesia.

According to an official statement, the project, which will be built in South Kalimantan, on the Indonesian side of the island of Borneo, is being financed with senior debt and equity bridge loans. The 20-year senior debt of $422 million will be divided into a $401 million facility insured by K-Sure and an uncovered $21 million facility from Korea Development Bank. 

Partner Bill McCormack led the Shearman & Sterling team.

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