Milbank, Tweed, Hadley & McCloy advised Star Energy Geothermal (Wayang Windu) Limited ("Star Energy") in its US$580 million offering of 6.75% green bonds due 2023 under 144A and Regulation S of the Securities Act. The proceeds of the bond issuance will be used to refinance debt of Star Energy that had funded the acquisition of two geothermal assets, the Salak and Darajat geothermal fields.
Star Energy, a leading geothermal energy company, owns and operates a geothermal power plant situated in West Java, Indonesia that contributes to the reduction of Indonesia's overall carbon emissions.
The 15-year tenor bonds were issued on April 24, 2018 and will mature on April 24, 2033.
The Singapore-based team was led by Capital Markets partner Giles Kennedy and Corporate partner Jacqueline Chan with support from associates Robert Wyse Jackson and Rickpaul Vander.
Mr. Kennedy said: "We are delighted to have represented Star Energy in its initial green bond issuance. The success of the transaction highlights the growing demand from businesses and investors around the globe for climate and environmentally-friendly investments."
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