Milbank LLP received Project Finance Deal of the Year honors at the 2023 Asian Legal Business Korea Law Awards for its work in connection with the development of an electric vehicle (EV) battery cell plant in Indonesia.
Milbank advised Korea Trade Insurance Corporation and a consortium of international commercial banks in connection with a US$711 million term loan to a joint venture by LG Energy Solution, Ltd., Hyundai Mobis Co., Ltd., Hyundai Motor Company and Kia Corporation to build an EV battery cell plant in a new industrial complex in the Karawang region, east of Jakarta, Indonesia. The plant is scheduled to enter mass production in early 2024 and will initially produce 10 gigawatt hours’ worth of battery cells per year, enough to run more than 150,000 EVs, ramping up to 30 gigawatt hours.
“It is an honor to again be recognized for our project finance work in Asia,” said Seoul-based Global Projects Energy and Infrastructure Finance Group partner David Gartside, who, with special counsel Brian Youn, led the Milbank team. “We are proud to support clients who are at the forefront of the EV revolution and energy transition in Asia.”
Earlier this year Milbank was awarded Project Finance Deal of the Year at the 2023 Asian Legal Business Southeast Asia Law Awards for its work on the AMIN Copper Smelter Project in Indonesia. The firm was also named Indonesia International Law Firm of the Year for the fifth time at the 2023 Chambers Asia Pacific and Greater China Region Awards.
