Linklaters acted as the international counsel for the sole bookrunner in the project bond issuance by PT Sorik Marapi Geothermal Power (SMGP). The US$350m 7.75% senior secured notes due 2031 are listed on the Singapore Exchange Securities Trading Limited (SGX-ST) and received recognition under SGX-ST’s Sustainable Fixed Income Initiative. This landmark transaction is the first project bond issuance out of Southeast Asia since 2020 and received strong investor interest, being over 2.5 times oversubscribed.
SMGP is one of the largest geothermal projects in Indonesia and employs an innovative technology in geothermal power generation, which differs from conventional centralised power plant technology at other Indonesian geothermal sites. The proceeds from the transaction will be used to finance and/or refinance eligible green projects under SMGP’s Green Finance Framework.
The Linklaters team was led by Partner and Head of South and Southeast Asia Capital Markets Amit Singh, with support from counsel Xunming Lim and associate Howard Tigris.
Linklaters has a market-leading Asia capital markets practice, offering technical expertise and commercial awareness to create novel solutions. With one of the largest teams of any firms focused on Southeast Asia and India, the firm is a leader in facilitating major complex transactions across diverse sectors.
