IFC backs 62MW Indonesia wind
Multilateral body IFC is linking with investment group Asian Green Capital to develop renewables projects in South East Asia – starting with a 62.5MW wind farm in Indonesia.
IFC – part of the World Bank Group – will invest in the 62.5MW Jeneponto 1 wind farm, under development by Asia Green Capital in Indonesia’s South Sulawesi province.
IFC will make the investment via its IFC InfraVentures early-stage development fund, marking its first backing of a wind project in the country.
Asia Green Capital Partners said the IFC backing means it is “confident” it can start construction of the plant in 2015. It is currently seeking a power purchase agreement for the site’s output.
The group bought the rights to develop Jeneponto 1 from GE – meaning the US group’s turbines are most likely to be used at the wind farm.
IFC said Indonesia has one of the lowest electricity supply rates in Southeast Asia, with about 30% percent of the population without access to a reliable source.
IFC and Asia Green Capital Partners plan to work together on further renewables projects in the region, they said.
Sarvesh Suri, IFC country manager for Indonesia, said: “Through our first IFC InfraVentures wind investment in East Asia, we will work with Asia Green Capital Partners to develop viable and sustainable opportunities for providing access to power in Indonesia and other countries in the Southeast Asia region.”