The Asian Development Bank (ADB) provides US$40 million to invest in Indonesia’s first utility-scale solar photovoltaic (PV) plants of Vena Energy that will create the first utility-scale parks in the country.
The loan package is part of a two-phased portfolio financing totaling approximately US$160 million for new renewable energy investments in the country. The first phase $120.8 million, was signed in December 2017 and backed a 72-MW wind project of PT Energi Bayu Jeneponto, a subsidiary of Vena Energyin in Jeneponto, South Sulawesi.
The second phase, which achieved first drawdown on Thursday (May 24), comprises a 21 MW solar PV power plant in Likupang, North Sulawesi and three 7 MW solar PV power plants in Pringgabaya, Selong, and Sengkol in Lombok, West Nusa Tenggara.
The financing package including financing from two trust funds administered of ADB, namely the Leading Asia’s Private Infrastructure Fund (LEAP) and the Canadian Climate Fund for the Private Sector in Asia II (CFPS II).