Latham & Watkins advised Japan Bank for International Cooperation, the Asian Development Bank and six commercial banks — The Bank of Tokyo-Mitsubishi UFJ, Ltd., ING Bank N.V., Mizuho Bank, Ltd., National Australia Bank Limited, Société Générale and Sumitomo Mitsui Banking Corporation — in the US$1.17 billion financing of the 330-MW Sarulla geothermal power project in Indonesia.
The sponsors of the project are PT Medco Power Indonesia, ITOCHU Corporation, Kyushu Electric Power and Ormat Technologies, Inc.
The Sarulla geothermal power project, located in Tapanuli Utara, North Sumatra, will be the largest geothermal power project in the country to date, and attests to the considerable potential of geothermal resources in Indonesia.
The Latham & Watkins team was led by partner Joseph Bevash, based jointly in Tokyo, Singapore and Hong Kong, and partners Clarinda Tjia-Dharmadi and Andrew Roche in Singapore.
