Herbert Smith Freehills advised PT Akuo Energy Indonesia, a subsidiary of the Akuo group ("Akuo"), a leading independent global renewable energy power producer and developer, on its entry into a joint venture with Copenhagen Infrastructure Partners (CIP), amongst the largest renewable energy focused fund managers globally, through Copenhagen Infrastructure New Markets Fund I (“CI NMF”).
Under the joint venture, CI NMF and Akuo will jointly develop an initial portfolio exceeding 400 MW of onshore wind, solar and run of river hydro projects in Indonesia, with a potential for future expansion. This transaction marks CI NMF’s first investment in the Indonesian renewable energy market and a key milestone in the partnership between Akuo and CIP. This pipeline of 400 MW equals approximately 4.5% of the additional capacity required for Indonesia to reach its target of 23% renewable energy by 2025.
Herbert Smith Freehills Paris has advised PT Akuo Energy Indonesia with a team led by partner Frédéric Bouvet and of counsel Cyril Boulignat on corporate aspects. They were supported by partner Irina Akentjeva from the Singapore office and associate Jen Ru Wong from the Kuala Lumpur office.