The firm was also awarded “Project Finance Deal of the Year” for its work on the financing of the Central Java power project. Led by partner Bill McCormack (Singapore-Project Development & Finance), along with partners Ben Shorten (Singapore-Project Development & Finance) and Etienne Gelencsér (Tokyo-Project Development & Finance), the team advised Bhimasena Power Indonesia on the development and financing of the 2,000 MW Central Java greenfield coal-fired power project in Batang Regency in Central Java, Indonesia. The project was the first public private partnership project to combine a guarantee of the Indonesia Infrastructure Guarantee Fund with a guarantee from the Ministry of Finance of Indonesia.
The IFLR Asia Awards recognize innovative teams and deals across the Asia-Pacific region. Eight firms were shortlisted in the high yield category and seven in project finance. Shearman & Sterling won due to the firm’s work on high-profile, first-of-kind, complex matters throughout 2016.