Renewable energy developer Solar Philippines, in joint venture with Medco Energi under PT Medcosolar Bali Timur, has obtained a loan from Bank Negara Indonesia (BNI) for the construction of a 25-megawatt (MW) solar farm in East Bali, Indonesia.
The joint venture began construction of the facility last year estimated to cost $20 million but funded by a combination of BNI credit and equity investments by Medco and Solar Philippines.
In a statement, the parties said the project completed in March and cost $14 million to develop. It is rated the largest ground-mounted solar project in Indonesia.
Solar Philippines owns 49 percent of the joint venture and the other 49 percent by PT Medco Solar Bali Barat which is developing another 25-MW solar farm in West Bali, bringing the total capacity of the Solar Philippines joint venture with Medco in Bali to 50 MW.
The partners plan to energize the first 25-MW Bali project around yearend and the other 25-MW facility by 2025.
Medco Energi is considered the largest independent oil and gas exploration and production company in Indonesia.
Solar Philippines began developing the Bali solar projects in 2017 and formed the joint venture with Medco in 2019 when it submitted a bid in the first competitive auction for utility-scale solar in Indonesia..
Indonesia has one of the world’s lowest solar capacity per capita at only 500 MW in a country of 279 million people.
