Orrick has been recognized by Asia Business Law Journal at its Deals of the Year 2017 Awards for advising on China Hongqiao’s Indonesia alumina refinery development and financing. This project was also named “Overseas Deal of the Year 2017” by China Business Law Journal in January 2018.
Orrick advised China Hongqiao Group Limited, PT Cita Mineral Investindo Tbk and Winning International Group Pte Ltd, as sponsors, in the development, construction and financing of an alumina refinery with a capacity of one million metric tons per year, including a captive thermal power plant and associated facilities in Indonesia.
This is the first big Chinese-invested alumina refinery development and financing in Indonesia and one of the most complex projects, with some unusual and unique features. The limited recourse financing of alumina refining involved a high volume of work in customizing various product and offtake agreements, construction support agreements and sponsor support arrangements in order to address issues such as risk mitigation and alumina pricing, which are rare to see in the market for similar projects without relevant precedents to follow.
The Orrick team was led by Hong Kong-based senior counsel Peter Cleary, along with Tokyo-based of counsel Jae-Hyon Ahn.