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Press Release 11 January 2023
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PT Medco Cahaya Geothermal Signed a Financing Agreement with PT Sarana Multi Infrastruktur (Persero) for Development of Ijen Geothermal Project

Jakarta, January 11th, 2023 - PT Medco Power Indonesia (“Medco Power”) through its subsidiary company, PT Medco Cahaya Geothermal (“MCG”), signed a Financing Agreement with PT Sarana Multi Infrastruktur (Persero) (“PT SMI”) for development of Ijen Geothermal Power Plant (“PLTP Ijen”), with total capacity of 110 MW as per its PPA. The signing between MCG and SMI was held at Griya Arifin Panigoro, Jenggala, witnessed by Harris Geothermal Director of the Ministry of Energy and Mineral Resources, Wiluyo Kusdwiharto, Director for Mega Project and Renewable Energy of PT PLN (Persero), Hilmi Panigoro, President Director of PT Medco Energi Internasional Tbk, Eka Satria, President Director of Medco Power, Doron Blachar, CEO of Ormat International Inc. and Edwin Syahruzad, President Director of PT SMI.

MCG, a jointly owned company between Medco Power and Ormat Geothermal Power, will develop and operate the first geothermal power plant in East Java province, a concrete action in supporting the Indonesian Government's climate change commitment through the energy transition and development of renewable-based power. Ijen will be developed in stages, which the first phase of development is expected to generate 34 MW in early 2025. MCG also signed project documents with the key contractors including Ormat International Inc., Consortium PT Intikarya Persada Teknik with PT Multi Fabrindo Gemilang, and PT Expan Petrogas Indonesia in this event.

Eka Satria, President Director of Medco Power said, “This signing demonstrates Medco Power commitment in developing clean and renewable power for Indonesia, after completion of Riau gas-fired CCPP of 275MW and Sumbawa Solar PV of 26MWp in 2022.”

“This signing is consistent with our climate change strategy to expand renewable power portfolio toward our net zero target for Scope 1 and Scope 2 emissions by 2050 and Scope 3 by 2060.” said Hilmi Panigoro, President Director of PT Medco Energi Internasional Tbk.

Through his speech, Edwin Syahruzad, President Director of PT SMI also mentioned his appreciation in this partnership. This project is a milestone to contribute Indonesia's commitment in climate change. PT SMI also would thank to USAID SINAR and Global Green Growth Institute (GGGI) for their support in this project.

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About PT Medco Power Indonesia

Established in 2004, Medco Power Indonesia is one of the leading Independent Power Producers under MedcoEnergi group. Operating in the business of IPP and O&M, Medco Power owns and operates power plants with gross capacity over 3.1 GW in 15 locations in Indonesia. Currently Medco Power is developing Ijen Geothermal project in East Java, PV plant projects in West and East Bali. Medco Power is wholly owned by PT Medco Energi Internasional Tbk.

PT Medco Energi Internasional Tbk (“MedcoEnergi”) is a leading Southeast Asian energy and natural resources company listed on the Indonesia Stock Exchange (MEDC-IDX). MedcoEnergi has three key business segments, Oil & Gas, Clean Power and Copper Mining. MedcoEnergi explores for and produces oil and gas primarily in Indonesia and is expanding its presence in Southeast Asia. The Group operates gas, geothermal and hydro power plants in Indonesia through Medco Power Indonesia and a non-consolidated interest in Amman Mineral Nusa Tenggara which operates a large Indonesian copper and gold mine.

 

About PT Sarana Multi Infrastruktur (Persero) (“PT SMI”)

PT Sarana Multi Infrastruktur (Persero) (“PT SMI”) was established on February 26, 2009 as a State-Owned Enterprise under the coordination of the Ministry of Finance in the form of a Non-Bank Financial Institution (LKBB), with a role and mandate as a catalyst for the acceleration of infrastructure development.

PT SMI has various functions and unique products/features to support the acceleration of infrastructure development which not only functions as an infrastructure financing but also as an enabler through the implementation of a Public Private Partnership (PPP) scheme which includes various financial institutions, both private and multilateral. PT SMI actively supports the PPP implementation and encourages the acceleration of infrastructure development in the regions through regional loan products.

PT SMI has three business pillars, namely (1) Funding and Investment, financing for infrastructure projects, (2) Consultancy Services, solutions to the needs of professionals and experts in the infrastructure sector, and (3) Project Development, assistance for the Person in Charge of Cooperation Projects (PJPK) inpreparing infrastructure projects.

 

For further information:

Ramona Harimurti
Head of Corporate Secretary

Dian Rufal
Head of Communications Unit

PT Sarana Multi Infrastruktur (Persero)
Tel: +6221 8082 5288
Fax.: +6221 8082 5258
Email: corporatesecretary@ptsmi.co.id
www.ptsmi.co.id

 

Ibnu Nurzaman
Corporate Secretary & Head of Corporate Communication

PT Medco Power Indonesia
Tel: +6221 2995 3300
Email: CorsecMPI@medcoenergi.com
www.medcopower.co.id

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