Solar Philippines, Medco Energi Secure Loan For Solar Farm

Philippines based solar company, Solar Philippines and its Indonesian partner secured a $14-million bank loan for the development of a 25-megawatt (MW) solar farm in Kubu District, Karangasem Regency, East Bali.

Recently, PT Medco solar Bali Timur, a joint venture with Medco Energi, Indonesia’s independent oil and gas exploration and production company, signed a financing deal with Bank Negara Indonesia (BNI). The loan agreement was signed between Solar Philippines Chief Executive Officer (CEO) Leandro Leviste and BNI senior vice president Ditya Maharhani Harninda, as well as Medco Power president and CEO Eka Satria and Medco chief financial officer Myrta Sri Utami.

BNI said the loan grant aligns with its plans to focus on financing “environmentally friendly” projects to promote green energy transition in Indonesia. The project, started in 2023, was expected to cost $20 million and its set for to be energized by year-end, which is expected to become one of the “largest ground-mounted” solar project in Indonesia.

The Leviste-led firm owns 49 percent of PT Medcosolar Bali Timur, and another 49 percent is held by PT Medco Solar Bali Barat.  Its building another 25 MW solar farm in West Bali. Solar Philippines which has been developing Bali’s solar projects since 2017. Indonesia holds one of the world’s lowest solar capacity per capita with about 500 MW of solar operation. In 2019, the Levisted-led energy firm signed a deal with Medco to submit a bid in the first competitive auction for utility-scale solar of State Electricity Co. or Perusahaan Listrik Negara (PLN). The 25-MW projects each in East and West Bali were awarded to the joint venture.