Milbank LLP advised Fareast Green Energy Pte. Ltd. (“FEGE”) in connection with its divestment of a 50% stake in Fareast Renewable Development Pte. Ltd. (“FRD”) to RH International (Singapore) Corporation Pte. Ltd. (“RHIS”), a wholly owned subsidiary of Ratchaburi Electricity Generating Holding Public Company Limited, the leading independent power generating company in Thailand.
The transaction has resulted in an equal ownership between both shareholders in the 2 x 90 MW Asahan 1 fully operational run-of-river hydroelectric power project at Asahan River in the North Sumatra province of Indonesia, which is indirectly owned by FRD.
The Milbank team was led by Singapore-based partner Jacqueline Chan with associates Martin Wong and Alexei Chijoff-Evans.
Ms. Chan said: “We are very pleased to have played a role in the success of this landmark deal, which lays the groundwork for an important and wide-ranging partnership between FEGE and Ratchaburi in creating a new platform to invest in hydroelectric and other renewable energy power projects in Indonesia in the future.”
