Solar Philippines JV Secures Debt for Indonesian PV Project

Apr 8, 2024 02:12 PM ET
  • Solar Philippines and Medco Energi secure $14M loan for 25-MW solar park in East Bali, set to be Indonesia's largest PV plant by 2024.
Solar Philippines JV Secures Debt for Indonesian PV Project

Solar Philippines and its Indonesian JV partner Medco Energi have secured a USD 14 million loan from Bank Negara Indonesia for the construction of a 25-MW solar park in East Bali, Indonesia. The project is estimated to require a total investment of USD 20 million and is expected to be commissioned by the end of 2024.

The PV plant, which will be the largest ground-mounted PV park in Indonesia, is being developed by PT Medcosolar Bali Timur, with Solar Philippines holding a 49% stake and Medco Energi holding a controlling 51% stake. The project is one of two schemes that the partners will execute under PPAs with Indonesian utility PLN, with 20-year contracts awarded in a tender held in 2019 for projects in East and West Bali.

What is the estimated total investment for the construction of the 25-MW solar park in East Bali?

  • The estimated total investment for the construction of the 25-MW solar park in East Bali is USD 20 million.
  • Solar Philippines and Medco Energi have secured a USD 14 million loan from Bank Negara Indonesia for the project.
  • The project is expected to be commissioned by the end of 2024.
  • The PV plant will be the largest ground-mounted PV park in Indonesia.
  • PT Medcosolar Bali Timur is developing the project, with Solar Philippines holding a 49% stake and Medco Energi holding a controlling 51% stake.
  • The partners have PPAs with Indonesian utility PLN for this project and another one in West Bali, with 20-year contracts awarded in a tender held in 2019.



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