Investing in Renewables Projects in the US and Indonesia

Time and Date: Tuesday, January 17, 2023 14:00-16:00(Resisration start at 13:30)
Venue: Japan Bank for International Cooperation 9th floor auditorium
Sponsors: McDermott Will & Emery, Japan Institute for Overseas Investment (JOI)
Supportes: Japan Bank for International Cooperation (JBIC)
Language: English without interpretation


The seminar will review the structuring, development and financing of renewables projects in the US and Indonesia, two investment environments that lie at opposite ends of the investment spectrum, provide insight into how sponsors have made successful renewable investments in these countries and managed their very different risk profiles, including a“behind the scenes”perspective on the latest challenges and developments in connection with the Indonesian government’s efforts and approach to achieving net-zero emissions by 2060 and phase down coal.


はじめに/Introduction (10 min)
Clarinda Tjia-Dharmadi, Partner, Singapore Office, McDermott Will & Emery

インドネシア/Indonesia (45 min)
Clarinda Tjia-Dharmadi, Partner, Singapore Office, McDermott Will & Emery
Merrick White, Partner, Singapore Office, McDermott Will & Emery
(1) インドネシアの再生可能エネルギー政策/Indonesia Renewable Energy Policy
  ・経済回復/Economic Recovery
  ・エネルギー安全保障/Energy Security
  ・エネルギー移行/Energy Transition 
(2)ビジネスチャンス、開発、トレンド /Opportunities, Developments and Trends
  ・ディーゼル発電転換プログラム/Diesel Conversion Program
  ・石炭火力発電所の廃止/Retirement of Coal Power Projects
   ‐石炭からガス化へ/Coal to Gasification
  ・炭素回収・有効利用・貯留(CCUS)/Carbon Capture Utilization and Storage (CCUS)
  ・日本政府、アメリカ合衆国、グレートブリテン及び北アイルランド連合王国、フランス共和国、ドイツ連邦共和国、イタリア共和国、カナダ、デンマーク王国、欧州連合との「公正なエネルギー移行パートナーシップ(JETP)」/Just Energy Transition Partnership with the Governments of Japan, the United States of America, the United Kingdom of Great Britain and Northern Ireland, the Republic of France, the Federal Republic of Germany, the Republic of Italy, Canada, and the Kingdom of Denmark and the European Union 
(3)課題とバンカビリティの主要課題/Challenges and Key Bankability Issues
  ・政府保証(BVGL)などの政府支援なし/No BVGL or other government support
   ‐国有企業(SOE)リードスポンサー/SOE lead sponsor
   ‐公的サービス義務(PSO)と電力補助金/PSO and Electricity Subsidy
  ・51%-49% IPP ストラクチャーにおける国有企業(SOE)リードスポンサ/SOE lead sponsor under 51%-49% IPP structures
   ‐国営電力公社(PLN) 非制限スポンサーとしての子会社/PLN Unrestricted Subsidiary as sponsor 
   ‐世界銀行のネガティブ・プレッジに基づくセキュリティ・パッケージの制限/Security package restrictions under World Bank Negative Pledge
   ‐大統領令1972年第59号に基づくスポンサー支援の制限/Restrictions on sponsor support under Presidential Decree No. 59 of 1972
   ‐国営電力公社(PLN)子会社の負担のキャリー/PLN Subsidiary Carry
  ・新しい電力購入契約(PPA)におけるリスク配分/Risk allocation under new PPAs
   ‐政治的不可抗力/Political Force Majeure
   ‐自然的不可抗力/Natural Force Majeure
  ・[商業運転開始日(COD)前の株式譲渡の禁止(規則48)]/[Regulation 48 prohibition on transfer of shares pre-COD]
  ・[株式譲渡とエンフォースメント]/[Share Transfers and Enforcement]
(4)シンガポールへの再生可能エネルギー電力の輸出/Export of Renewable Power to Singapore
  ・インドネシアからの視点の洞察/Insights from the Indonesian perspective

米国/US (45 min)
Edward Zaelke, Partner, Los Angeles Office, McDermott Will & Emery 
(1)米国の再生可能エネルギー政策/US Renewable Energy Policy
  ・米国の税制優遇措置(インフレーション抑制法(IRA)による優遇措置の拡大を含む)/US Tax Incentives (including expansion of incentives under IRA)
  ・州の再生可能エネルギー・ポートフォリオ基準およびREC取引/State Renewable Portfolio standards and REC trading
   ・「Green-e」民間再生可能エネルギークレジット/“Green-e” private renewable energy credits
(2)ビジネスチャンス、開発、トレンド/Opportunities, Developments and Trends
   ‐関税や輸入制限による課題も含む/Including challenges due to tariffs and import restrictions
   ‐ユーティリティ・スケールと商業・産業用開発・所有の比較/utility scale vs. Commerical and industrial development and ownership
  ・バイオガス(キャップ・アンド・トレードの収益の流れを含む)/Biogas, including Cap and Trade Revenue streams
  ・炭素回収隔離/Carbon Capture and sequestration
  ・企業のグリーンエネルギー購入/Corporate green energy purchases
  ・建設・所有権移転契約(BTA)/Build Transfer Arrangements
(3)日本のメーカーと投資家にとっての課題と限界/Challenges and Limitations for Japanese Manufacturers and Investors
  ・新たな国内コンテンツ要件/New domestic content requirements
  ・輸入規制と関税/Import restrictions and tariffs
  ・賃金相場とアプレンティスシップの要件/Prevailing Wage and Apprenticeship Requirements
  ・税制優遇措置による制限/Limitations imposed by Tax Incentives
  ・送電の制約/Transmission constraints
   ‐ベーシスリスクの問題/Basis risk issues
  ・電力価格/Power Prices
  ・公共事業体の競争/Public Utility competition

Q&A (15 min)

閉会の辞/Closing Remarks (5 min)


インドネシア、シンガポール、及びアジア太平洋地域のプロジェクトの実績で常に上位にランクされ、Chambers Asia-Pacificでは、シンガポールの銀行・金融分野の主要弁護士として次のように認識されています。「クラリンダ・ティア=ダルマディは、その優れたエネルギーおよびインフラ業務により、同僚やクライアントから賞賛を受けている。」また彼女は、「説得力があり、交渉に長けた絶対的な弁護士」と評価されています。クライアントからは、「彼女ほどインドネシアでの取引の進め方を知っている人はいない」、「インドネシアに関する深い知識を持ち、取引を成立させる」と高評価を受けています。
Clarinda Tjia-Dharmadi focuses her practice on international project development and finance transactions and is Asia Head of Transactions. She has more than two decades of experience representing developers, sponsors, commercial lenders,
multilateral agencies, export credit agencies, and governments on a wide variety of international projects including in the Americas, China, India, Indonesia, Laos, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Thailand, Turkey and Vietnam, advising on many of the Asian region’s landmark power, oil and gas, petrochemicals, infrastructure, and mining projects.
Clarinda joined McDermott, Will & Emery from Latham & Watkins, where she led the build out of Latham & Watkins’ Indonesia practice.  She has exceptional experience in the Indonesian power sector and her deals often involve complex and novel structures, many of which are “first-of–their-kind” deals that become the precedent for subsequent projects.  At the forefront of the energy transition in Indonesia, she knows Indonesia like no one else and is consistently ranked as a Band 1 advisor for her project development and finance work in the country by all the leading publications.

法的資格に加え、メリックは公認化学エンジニアの資格も保持しています。25年以上にわたりアジアで主要インフラプロジェクトの開発に携わり、13年間はBritish Gas Exploration & Production、Gulf Indonesia、ConocoPhillipsでエンジニアリングと商業の職務に就いた経験を有します。

Merrick White is an English law qualified partner who is ranked Band 1 by Chambers for Energy and Natural Resources and Band 2 for Indonesian Energy Projects. Merrick focuses his practice on global oil, gas, LNG, refining and petrochemical project development. Merrick advises clients on all aspects of energy-related development projects and transactions, from the granting of upstream concession agreements to the acquisition and disposal of energy assets; the development of refineries, petrochemical projects, LNG, gas and oil production and transportation infrastructure; and the sale of oil, gas, LNG and petrochemical products.  
Merrick works with clients on the legal, commercial, business development and engineering aspects of the Energy and Resources industries, particularly in Japan, Indonesia, Vietnam, Malaysia, China, Bangladesh and Thailand, as well as in the Middle East and Africa. 
In addition to his legal qualifications, Merrick is a Chartered Chemical Engineer. He has spent over 25 years in Asia successfully developing major infrastructure projects, and 13 years in engineering and commercial roles with British Gas Exploration & Production, Gulf Indonesia and ConocoPhillips.

エドは、再生可能エネルギー産業における最大かつ最も重要な取引の多くで主任弁護士を務めており、この分野における著名なリーダーです。また、再生可能エネルギー業界における様々なトピックについて、執筆や講演活動を行っています。American Wind Energy Association(AWEA:米国風力エネルギー協会)の前会長であり、12年連続でAWEAの役員を務めました。また、Wind Solar Allianceの創設メンバーでもあります。カリフォルニア大学ロサンゼルス校のロースクールで「Renewable Energy Project Finance」を教える非常勤講師も務めています。

Edward Zaelke is the global co-head of the Energy & Project Finance Practice. He focuses his practice on project finance and private equity in renewable energy transactional matters. With more than 30 years of experience, he advises clients on all elements of alternative energy development and finance, including equity and debt financing, merger and acquisition transactions, equipment purchase and sale agreements, power purchase agreements, siting and other real property issues, governmental approvals, and engineering, procurement and construction (EPC) contracts.
A prominent leader in his practice, Ed has served as lead counsel on many of the largest and most significant transactions in the renewable industry. He also authors and speaks prolifically about various topics in the renewable energy industry. Ed is the former president of the American Wind Energy Association (AWEA) and was a board member of AWEA for 12 consecutive years. He is also a founding board member of the Wind Solar Alliance. Ed also serves as an adjunct lecturer teaching “Renewable Energy Project Finance” at University of California, Los Angeles, School of Law.