Baker McKenzie's member firms Baker McKenzie Wong & Leow (in Singapore) and HHP Law Firm (in Jakarta) represented Indonesia's leading chemical and infrastructure solutions company, PT Chandra Asri Petrochemical Tbk ("Chandra Asri Group"), in relation to the USD 194 million equity investment by Electricity Generating Public Company ("EGCO Group"). EGCO will hold a 30% equity stake in PT Chandra Daya Investasi ("CDI"), a subsidiary of Chandra Asri Group dedicated for infrastructure solutions.

Chandra Asri Group 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, while EGCO Group is the first Independent Power Producer in Thailand, with facilities and projects located globally across Thailand, Lao PDR, Philippines, Indonesia, Australia, South Korea, Taiwan, and USA. Its portfolio includes biomass, hydropower, solar power, wind power, fuel cells and battery storage. 

The net proceeds raised will be used for the development of Chandra Asri Group and EGCO Group's infrastructure business, comprising energy, water, and port facilities. The collaboration will help enhance Chandra Asri Group's operational efficiency and is aligned with EGCO Group's strategy in acquiring profitable high-quality gas-fired power facilities.

The cross-border team at Baker McKenzie was led by M&A Partner Daniel Pardede in Jakarta, Finance & Projects Principal Emmanuel Hadjidakis and M&A Principal Theodore Heng in Singapore. The team further comprised Principals Sumet Orsirivikorn (Bangkok) and Mohammed Almarini (Amsterdam), Senior Associates Santri Satria, Devina Andrasanti, Eric Chunata (Jakarta) and Suzanne van Balen (Amsterdam), and Associates Tiong Ai Wee (Singapore) and Sarat Phattranonuthai (Bangkok).

Partner Daniel Pardede commented, "We are pleased to partner Chandra Asri Group in securing this strategic investment from EGCO Group. The transaction marks a pivotal step in Indonesia's and ASEAN's decarbonization journey by enabling a sustainable shift towards cleaner and more efficient power solutions."
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