Solar Philippines JV locks debt for 25-MW Indonesian PV project

Solar Philippines and its Indonesian joint venture (JV) partner Medco Energi have secured debt financing to back the construction of a 25-MW solar park in East Bali, Indonesia.

PT Medcosolar Bali Timur has clinched a deal to receive USD 14 million (EUR 12.9m) from Bank Negara Indonesia (BNI) for what the JV partners say will be the largest ground-mounted photovoltaic (PV) park in Indonesia.

The loan facility is earmarked for a project estimated to require USD 20 million in total investment. The PV plant’s construction was initiated last year and its commissioning is expected to occur by end-2024.

PT Medcosolar Bali Timur is 49%-owned by Solar Philippines, while Medco Energi is the controlling shareholder with 51%. The solar project is one of the two schemes that the partners will execute under power purchase agreements (PPAs) with Indonesian utility PLN. The 20-year contracts for the projects in East and West Bali, respectively, were awarded in a tender held by the utility back in 2019.

(USD 1.0 = EUR 0.923)

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