ADB finances first utility-scale solar PV plants in Indonesia
The Asian Development Bank (ADB) has announced a private sector financing package worth about $40 million to invest in Indonesia's first utility-scale solar photovoltaic plants on a project-finance basis. The loan package is part of a two-phased portfolio financing totaling approximately $160 million for new renewable energy investments in the country.
The first phase, which was signed in December 2017, consisted of a 72MW wind power plant in Jeneponto, South Sulawesi. ADB's financing package to PT Energi Bayu Jeneponto, a subsidiary of Vena Energy, totaled $120.8 million, including financing from two trust funds administered by ADB: the Leading Asia's Private Infrastructure Fund and the Canadian Climate Fund for the Private Sector in Asia II.
The second phase, which achieved first drawdown on Thursday, comprises a 21MW solar PV power plant in Likupang, North Sulawesi and three 7MW solar PV power plants in Pringgabaya, Selong, and Sengkol in Lombok, West Nusa Tenggara. ADB's financing package totaled $40.2 million to four respective subsidiaries of Vena Energy.
