LG International has achieved financial closure for the Hasang Hydroelectric Power Project on the Indonesia island of Sumatra.
Milbank, Tweed, Hadley & McCloy LLP advised the Korea Trade Insurance Corp. (K-sure) with The Korea Development Bank, Société Générale (Hong Kong Branch), Société Générale (Singapore Branch), and Sumitomo Mitsui Banking Corp. (Singapore Branch) in connection with the more than USD$147 million financing of a hydroelectric power project on the Indonesia island of Sumatra.
The Hasang Hydroelectric Power Project, scheduled for completion in 2019, will consist of three 13 MW generators located in northern Sumatra, the westernmost island of the Indonesian archipelago.
The financing, a total loan commitment of USD$147,525,502, closed on October 28, 2016.
The Hasang project is the first IPP (independent power producer) financing in Indonesia by K-sure, an export credit agency, and by project sponsor LG International, a major South Korea-based trading company.
Mr. Murray said:
“Milbank is delighted to play a leading role in yet another Indonesian power project designed to bring much-needed utility services to the island of Sumatra. It is also a great honor to advise leading Korean insurance agency Ksure on its first IPP financing in Indonesia and to support LG International in the development of its global IPP business.”