OPIC provides $120m financing for Sidrap wind power project
Friday, March 18 2016 - 01:53 AM WIB
Overseas Private Investment Corporation (OPIC), the U.S. government?s development finance Institution, approved on Thursday a US$120 million financing for the development of a 75 MW wind power project in Indonesia.
The fund is part of a total $795 million in new OPIC financing to support projects in Southeast Asia, India and Africa, the group said in a statement.
?Up to $120 million in financing to PT UPC Sidrap Bayu Energi, to support the development, construction, and operation of a planned 75 megawatt wind power facility in Indonesia, a country that suffers from an acute energy shortfall. This project will also help the Government of Indonesia reach its renewable energy target and diversify its generation mix,? OPIC said in the statement.
UPC Sidrap is a joint venture between UPC Renewables Indonesia, PT Binatek Energi Terbarukan, and Sun Edison to develop the a win power plant project in Sidenreng Rappang (Sidrap), South Sulawesi Province. UPC Renewables Indonesia is the local subsidiary of US-based renewable developer UPS Renewables Group.
The group in October of last year signed an MoU with Indonesia?s state-owned power firm PT PLN on feasibility study to develop wind farms in several locations in Indonesia.
Editing by Reiner Simanjuntak