Baker McKenzie member firms represented Chandra Asri on equity investment in EGCO's infrastructure subsidiary
Baker McKenzie member firms represented Chandra Asri on equity investment in EGCO's infrastructure subsidiary
The deal was worth USD 194 million
Baker McKenzie's member firms Baker McKenzie Wong & Leow (Singapore) and HHP Law Firm (Jakarta) have represented Indonesia's leading chemical and infrastructure solutions company, PT Chandra Asri Petrochemical Tbk on equity investment by Electricity Generating Public Company (EGCO).
EGCO will hold a 30 percent equity stake in PT Chandra Daya Investasi (CDI), a subsidiary of the Chandra Asri Group dedicated to infrastructure solutions.
Daniel Pardede, the partner at Baker Mckenzie remarked, “We are pleased to partner with the Chandra Asri Group in securing this strategic investment from EGCO Group. The transaction marks a pivotal step in Indonesia's and ASEAN's de-carbonization journey by enabling a sustainable shift towards cleaner and more efficient power solutions.”
Chandra Asri is a publicly listed company that operates Indonesia's largest petrochemical plant, a blue-chip market leader with world-class, state-of-the-art technology and supporting facilities.
EGCO is the first independent power producer in Thailand, with facilities and projects located globally including Thailand, Lao PDR, Philippines, Indonesia, Australia, South Korea, Taiwan, and the US. Its portfolio includes biomass, fuel cells, battery storage, hydro, solar, and wind power.
The proceeds will be used for the development of Chandra Asri and EGCO's infrastructure business, comprising energy, water, and port facilities. The collaboration will also help enhance Chandra Asri's operational efficiency and is aligned with EGCO's strategy for acquiring profitable high-quality gas-fired power facilities.
The cross-border team at Baker McKenzie was led by M&A partner Daniel Pardede (Jakarta), finance and projects principal Emmanuel Hadjidakis, and M&A principal Theodore Heng (Singapore).
The team included principals Sumet Orsirivikorn (Bangkok) and Mohammed Almarini (Amsterdam). It also comprised senior associates Santri Satria, Devina Andrasanti, Eric Chunata (Jakarta), Suzanne van Balen (Amsterdam), and associates Tiong Ai Wee (Singapore), Sarat Phattranonuthai (Bangkok).
