AHP Advises on PT Sorik Marapi Geothermal Power’s Debut Issuance of USD350 Million Project Bonds

AHP has successfully represented PT Sorik Marapi Geothermal Power (SMGP) in its debut issuance of USD350 million 7.75% Senior Notes Due 2031, which are listed on the Singapore Exchange Securities Trading Limited (SGX-ST). This transaction marks the first project bond issuance from Southeast Asia since 2020.

SMGP operates one of the largest geothermal projects in Indonesia, located in Mandailing Natal Regency, North Sumatra. The project employs innovative modular power plant technology, allowing for the development of geothermal resources in a more efficient and environmentally friendly manner. The proceeds from this transaction will be used to finance and/or refinance eligible green projects under SMGP’s Green Finance Framework.

The AHP team was led by Partners M. Renaldi Zulkarnain and M. Insan Pratama, supported by Senior Associate Paulanie Wijaya, along with Associates Rosdianthy Rais, Nadia Hanani, Yohannes Raditya, Btari Divergensi, Rafi Yuszar, Ramzy Erzano, and Samuel Valentino.

This experience reflects our commitment to supporting sustainable development and advancing Indonesia’s renewable energy sector through legal solutions.