Baker McKenzie has advised Copenhagen Infrastructure Partners ("CIP"), through its Copenhagen Infrastructure New Markets Fund I (“CI NMF”), on the acquisition of a 50% interest in a 400 MW portfolio from PT Akuo Energy Indonesia (a subsidiary of Akuo SAS) ("Akuo") and related equity funding and joint venture arrangements with Akuo. This transaction continues Baker McKenzie's previous work advising CIP through its Copenhagen Infrastructure II and Copenhagen Infrastructure III funds as sponsors, on the USD 3 billion project development and financing of the 589 MW Changfang Xidao Offshore Wind Farm Project in Changhua County, Taiwan.
Under the joint venture, CI NMF and Akuo will jointly develop an initial portfolio exceeding 400 MW of onshore wind, solar, and run of river hydro projects in Indonesia. This transaction represents CI NMF’s first investment in the Indonesian renewable energy market. This investment comes amid the Indonesian government's prioritization of renewable energy projects development as Indonesia seeks to achieve its target of 23% of renewable energy in its energy mix by 2025.
For this cross-border transaction, a few member firms of Baker McKenzie were involved: HHP Law Firm ("HHP"), the Indonesia member firm, acted as Indonesian and joint international legal counsel; its Singapore member firm Baker McKenzie Wong & Leow ("BMWL") acting as Singapore and joint international legal counsel; and the Netherlands member firm Baker McKenzie Amsterdam acting as Netherlands legal counsel. Akuo was advised by Herbert Smith Freehills LLP. Astris Finance acted as exclusive financial advisor to CI NMF.
The Baker McKenzie team was led by Norman Bissett, who commented: "We are honoured to have worked with CIP (through CI NMF) on their first investment in the Indonesian renewable energy market, and to continue our regional working relationship with CIP following the work of Baker McKenzie's Taiwan office on the USD 3 billion project financing of the 589 MW Changfang Xidao Offshore Wind Farm Project in Changhua County, Taiwan. This was a large and complex international transaction involving various work streams including acquisition, joint venture and equity financing documentation which achieved a simultaneous closing across multiple jurisdictions. We look forward to continuing our relationship with CIP as it looks to expand and diversify its renewables portfolio in the region."
The Baker McKenzie team advising on the acquisition, development, joint venture and financing arrangements of the transaction comprised Norman Bissett, Nadia Soraya, Fanny Kurniawan, Ibnu Hasan, Tesalonika Barus, Bonfilio Sebayang, Marcia Tanudjaja, Meyliana Santy and Adella Kristi (from HHP), Kim Hock Ang, Andrew Zaw, Aaron Jones and Satta Chairasmisak (from BMWL) and Kim Tan and Charlotte van Rhee (from Amsterdam).
Copenhagen Infrastructure Partners P/S is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, and other energy assets like Power-to-X. CIP has approximately 200 employees and offices in Copenhagen, Hamburg, New York, Tokyo, Utrecht, and London. CI NMF invests primarily in greenfield renewable energy infrastructure projects in fast-growing economies across Asia and Latin America as well as certain countries in Eastern Europe where CI NMF sees scale, growth, and liquidity.