Mergers and Acquisitions and Private Equity
Cerberus Capital Management, a U.S. private equity fund, on its acquisition of the Subic shipyard in the Philippines (strategically located in the South China Sea) and its repurposing into a multi-use facility, including a long-term lease of a portion of the shipyard to the local armed forces for use as an operational naval base. The asset was originally constructed at a cost of US$2.4 billion and was successfully acquired out of the country’s largest-ever bankruptcy.
JERA Co., Inc, a Japanese energy company, on its US$1.6 billion acquisition of a 27% stake in publicly-traded Aboitiz Power Corporation (PSE: AP), one of the largest power producers in the Philippines, including on a strategic alliance for co-investment in clean and renewable energy projects.
Scatec Solar ASA, a publicly-listed solar power producer with its headquarters in Oslo Norway, on its US$1.1 billion acquisition of SN Power AS, a leading hydropower developer and independent power producer, with 1.4 GW of operating capacity plus a pipeline of 2.5 GW across Asia and Sub-Saharan Africa.
Masdar, a wholly-owned subsidiary of Mubadala (the Abu Dhabi sovereign wealth fund), on its acquisition of, and subsequent exit from, a 20% equity stake in Hero Future Energies, which owns a portfolio of renewable energy projects in India with an aggregate installed capacity of 1.2GW plus a pipeline of several GW in development in India, Europe and elsewhere in Asia, across 36 solar and wind projects.
Solar Philippines on various equity capital raisings, including the announced acquisition by MGreen of a 50.5% stake in a publicly-traded subsidiary (PSX:SPNEC) to fund the company’s Terra Solar project, one of the largest solar plus storage projects in the world (3,500 MW of solar capacity and 4,000 MWh of battery energy storage capacity).
A U.S. private equity fund on a proposed acquisition of a publicly traded global defense contractor with operations in the U.S. and globally.
Masdar and EDF Renewables on their strategic sale of a significant minority stake in the 400MW Dumat Al-Jandal wind farm, the largest wind farm in Saudi Arabia.
JERA Co., Inc, a Japanese energy company, on its acquisition of a 22% equity stake in Summit Power International for US$330m from a consortium of sellers including Summit’s controlling shareholder, IFC, the IFC Emerging Asia Fund, and UAE-based EMA Power Investment. Summit is the largest owner and operator of power generation facilities in Bangladesh, with an aggregate installed capacity of 1.8GW across 22 projects with several GW in development (including several large-scale LNG-to-power projects).
UAE Government-owned entities on the acquisition of 6,000 MW of captive power generation assets in Dubai and Abu Dhabi.
Several Japanese investors on their exit from coal-fired power generation to further Japan's decarbonization goals, including Mitsui's announced sale of its 45.5% stake in PT Paiton Energy, Indonesia's largest power plant.
AES Corporation in the auction sale of its 51% interest in the 990MW Masinloc power project and associated 30MW battery energy storage project in the Philippines to a subsidiary of San Miguel Corporation, including the negotiation of an associated co-sale by EGCO of its 49% stake to SMC, for a total enterprise value of US$2.4 billion.
A confidential purchaser on its proposed acquisition of Equis Energy’s renewable energy portfolio (180 assets comprising 11GW in operation, construction and development valued at US$5 billion), the world’s largest ever renewable M&A transaction.
A European commodity trader on its proposed acquisition of an equity stake in, and trading joint venture involving, a fuel import, distribution and retail business with 12 import terminals and 300+ retail stores.
A European commodity trader on its proposed acquisition of an oil products trading business with operations in Singapore and South East Asia.
Puerto Rico Electric Power Authority on its business transformation and privatization.
Mitsui and Co., Ltd. in its part acquisition of Engie’s stake in PT Paiton Energy, Asia's first and Indonesia's largest IPP, resulting in Mitsui becoming Paiton’s largest shareholder and majority owner of its operator.
AES Corporation in its US$453 million auction sale of a 45% interest in its 630MW Masinloc power project in the Philippines to EGCO of Thailand.
China Huaneng Group in its US$1.1 billion acquisition of 50% of InterGen NV from the GMR Group—the largest cross-border India/China M&A transaction to date, awarded “International Energy Deal of the Year” and “Mergers and Acquisitions Deal of the Year (over US$1 billion)” by The Mergers and Acquisitions Advisor and “Infrastructure Deal of the Year” by India Business Law Journal.
PT Indosat Tbk in its auction sale and leaseback of 2,500 towers to Tower Bersama for US$519 million.
PT Paiton Energy in the sale of a minority stake to Saratoga Capital, Indonesia’s largest private equity firm.
AES Corporation in its purchase of IFC's stake in the Masinloc power project and associated back-to-back holding company share issuance to EGCO.
Standard Chartered Private Equity in its US$75 million note investment in Energy World Corporation (convertible into EWC’s LNG-to-Power project in the Philippines and exchangeable into EWC’s ASX-listed ordinary shares).
An Asian power company in its sell-down to Mitsui of an interest in a 53MW gas-fired project in Myanmar—the largest M&A transaction to date in Myanmar’s power sector.
Ashmore Energy International in a series of onshore and offshore acquisitions of PRC companies and associated establishment of Sino-foreign joint ventures in China’s downstream gas market involving 30+ city gas businesses.
A U.S. energy company in a proposed US$800 million voluntary general offer for a Hong Kong–listed energy company with operations in the People’s Republic of China.
A U.S. private equity firm in its investment in a 20MW solar project in Mindanao, Philippines.
A European oil company in negotiations for the establishment of a joint venture with Temasek for a US$750 million biodiesel facility.
A U.S. investment bank in its proposed equity investment in, and purchase of secured notes from, the developer of a US$1.5 billion hotel and resort development in Vietnam.
Project Development and Project Finance
Vanda Renewable Energy, a joint venture between Singapore’s Gurin Energy and Malaysia’s Gentari, on its ongoing development of a 300MW solar project in Indonesia that is intended to export green electricity to Singapore under an import scheme conditionally approved by Singapore’s Energy Market Authority.
PT Kayan Hydropower Nusantara, a joint venture between Sarawak Energy, Adaro Power and KPP, on its ongoing development of a 1,375 MW hydroelectric power project, which is intended to deliver bulk renewable energy to new green industries in Kalimantan, Indonesia.
A US company on a proposed hydrogen production and export project in South East Asia.
AC Energy and Infrastructure Corp, a leading owner of infrastructure assets in the Philippines and South East Asia, on its development of a 60 MWh battery energy storage system in the Philippines.
KEPCO, a Korean utility, on its development and financing of the Ukudu 198 MW combined-cycle gas-fired power project (including associated battery energy storage system) in the U.S. territory of Guam.
Puerto Rico Electric Power Authority on (i) regulatory aspects of its restructuring and transformation program and (ii) its negotiation of agreements to convert existing diesel-fired generation to cleaner natural gas-fired generation under a long-term fuel supply and facility conversion agreement with New Fortress Energy.
Mitsubishi Corp., JERA Inc., PJB and Rukun Raharja in their bid and financing arrangements for the 1,600MW Jawa 1 LNG-to-Power project in Indonesia.
AES Corporation in the development and financing of its US$700 million expansion of its Masinloc project in the Philippines to a 990MW facility.
PT Paiton Energy in the development and financing of the US$1.5 billion Paiton III power project in Indonesia, awarded “Project Finance Deal of the Year” at the IFLR’s Asian Awards, by Asian-Counsel magazine and by Euromoney.
A confidential borrower on the debt restructuring of 400MW of small-scale gas-fired power projects in Southeast Asia.
AES Corporation on the proposed acquisition and development of a 2x112.5MW power project and a bid for a 2x300MW mine-mouth power project in Indonesia.
AES Corporation in its US$500 million refinancing of the 660MW Masinloc Power Project in the Philippines.
An Asian power company in a US$270 million refinancing, awarded “Best Structured Trade Finance Solution” by The Asset.
Wynn Resorts (Macau) S.A. in a US$2.3 billion dual currency-secured credit facility to refinance its existing indebtedness and to fund the US$4 billion Wynn Cotai casino resort in Macau.
A U.S. private equity firm on the development of a proposed 1,000MW utility-scale solar project in Malaysia.
SunEdison and Aboitiz Power Corporation on the development of a 59MW solar project in the Philippines.
An international consortium in its bid and financing arrangements for the 1,800MW Sumsel 9 and 10 coal-fired, mine-mouth power projects in South Sumatra, Indonesia.
International Power plc / GDF Suez and Mitsui and Co., Ltd. in their bid and firm financing commitments for the 2,000MW Central Java power project in Indonesia.
Mirant Corporation on its US$700 million portfolio refinancing of its Philippine power generation assets and associated asset sales.
Credit Suisse as lead arranger for a proposed US$4 billion integrated resort and casino in Singapore.
Babcock and Brown on the acquisition, development and financing of a 130MW coal fired power station and a 140MW wind power project in Australia.
Waste Service NSW on a waste-to-energy PPP in Australia with a 175,000 tpa capacity—then the largest in the Southern Hemisphere.
New South Wales State Government on several rail industry restructures.
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