Private equity major KKR is providing a $750-million loan to Indonesia-based Chandra Asri Group to fund its acquisition of ExxonMobil’s Esso-branded retail fuel station network in Singapore.
The bespoke financing package, arranged by KKR Capital Markets and backed by KKR’s private credit and insurance platforms, will also support the Chandra Asri Group’s broader growth strategy, according to an announcement on Monday.
The group is pivoting towards a more integrated energy infrastructure business in Southeast Asia.
Chandra Asri Group, established in 1992, supplies energy, chemical, and infrastructure solutions across the region. Its assets span a 237,000 barrel-per-day refinery and a 1.1 million tonne-per-year ethylene cracker on Bukom Island, among others.
In 2024, the Group embarked on a strategic transformation to build a connected energy infrastructure ecosystem and provide support to strategic sectors across the region.
The Esso acquisition is positioned by the group as a key step in a strategic transformation launched in 2024 to build a “connected” energy infrastructure ecosystem and deepen its support for regional manufacturing and other strategic sectors.
“This strategic partnership enables us to pursue our growth objectives with prudent financial discipline, while continuing to deliver reliable and sustainable energy solutions across the region,” said Andre Khor, chief financial officer at Chandra Asri Group.
For KKR, the transaction adds to a growing book of private credit deals in the Asia Pacific, where it has committed more than $8 billion across roughly 60 credit investments since 2019, representing total transaction volume of over $21 billion, according to the firm.
“This transaction aligns with our focus on providing tailored capital solutions to leading companies across Asia Pacific, and we look forward to supporting Chandra Asri’s continued growth as it strengthens its downstream energy and retail presence in Singapore,” said SJ Lim, managing director and head of Asia Private Credit at KKR.
KKR is making its investment from its Asia Pacific Credit strategy and insurance platform. The firm has secured $3 billion in commitments for its third pan-Asia infrastructure fund as of Q3 2025, it said in its earnings call.
Asia Pacific Infrastructure Investors III, which is reportedly targeting over $9 billion, has received $40 million in commitments from the Employees Retirement System of Texas, DealStreetAsia reported in September.
