Baker McKenzie and its Asia-based member firms Hadiputranto, Hadinoto & Partners and Baker McKenzie.Wong & Leow have advised UPC Renewables and AC Energy Holdings on the development and financing of a $150 million wind farm project in Indonesia.
Located in South Sulawesi, the 75MW Sidrap project is reportedly the country’s first utility-scale wind farm project to reach financial close. It is funded via equity financing from global player UPC and AC Energy, a subsidiary of Philippine conglomerate Ayala Corp., as well as project financing from the Overseas Private Investment Corp., the U.S. government’s development finance institution, and PT Bank Sumitomo Mitsui Indonesia, the Indonesian unit of Japan’s Sumitomo Mitsui Banking Corp.
The Bakers team was led by Jakarta-based partner Luke Devine, who heads the APAC energy, mining and infrastructure practice. Mark Tibberts in New York and Barry Cheng in Hong Kong, as well as Mita Guriton from Jakarta-based HHP and local principal Erik Begin from SG-based Baker McKenzie.Wong & Leow provided support.
