IFC, Asia Green Capital Partners to jointly develop wind farm in Indonesia

Governor of South Sulawesi Syahrul Yasin Limpo meet with IFC and Asian Green Capital management

International Finance Corporation (IFC), a member of the World Bank Group, and Asia Green Capital Partners Pte Ltd, a renewable-energy developer and investment company, will be co-developing the first wind-power project in Indonesia’s South Sulawesi province.

On Aug. 17, as part of the celebrations for the 70th anniversary of Indonesia’s independence, PT Energi Angin Indonesia – a subsidiary of Indo Wind Power Holdings Pte Ltd, which is wholly owned by Asia Green Capital Partners – and the South Sulawesi provincial government signed a memorandum of understanding to develop the 62.5-megawatt (MW) Jeneponto 1 wind farm.

The wind farm will be tied to the South Sulawesi electricity grid and is expected to produce a net annual energy yield exceeding 200 gigawatts per hour – enough electricity to supply to more than 450,000 people and help avoid 120,000 tons of carbon dioxide emissions a year.

The project  is expected to  help the country increase its clean-energy supply, while stimulating the local economy at the same time. .

“Being one of the first large-scale wind projects in Indonesia, Jeneponto 1 will set a milestone in the country’s renewable-energy sector once it is completed. We are grateful for the support of the Governor of South Sulawesi and IFC and hope to complete proprietary work for the project by the end of this year,” said Edgare Kerkwijk, managing director of Asia Green Capital Partners.

The Jeneponto 1 project will help the Indonesian government move closer toward its goal of increasing the country’s electrification ratio to 91 per cent by 2019 from around 65 per cent at present and channeling greater investments into the clean-energy sector to diversify its energy sources and reduce carbon emissions. The wind farm can also stimulate the South Sulawesi economy and create jobs.

IFC is funding the project – its first wind investment in East Asia – through IFC InfraVentures, a $150 million global infrastructure development fund that aims to increase the pipeline of bankable projects in developing countries. The fund is designed to address key constraints to private investment in infrastructure development in frontier markets.

”IFC’s support to Asia Green Capital Partners and the Jeneponto 1 wind farm reflects our commitment to helping the Indonesian government increase a reliable electricity supply to more Indonesians, particularly in the eastern part of the country,” said Sarvesh Suri, IFC’s country manager for Indonesia.

“In addition, the project will provide a clean-energy source for the South Sulawesi grid, reducing the dependency on expensive and volatile fossil fuels and avoiding carbon emissions,” he noted.

Indonesia has potential resources to generate around 9,000 megawatts of wind power, but the existing installed capacity is only 1.9 megawatts. The country still struggles with one of the lowest electricity supply rates in Southeast Asia – around 30 per cent of the population has no access to a reliable source of electricity.

Following the launch of this initiative, Asia Green Capital Partners plans to expand its efforts to other renewable-energy projects across Indonesia and Southeast Asia, including Jeneponto 2 in South Sulawesi and a 20-megawatt wind farm in West Timor.

 Also Read: 

ASEAN and a renewable energy future

ISDN Holdings to develop $20m 9.7MW hydropower plant in Indonesia’s Sulawesi Island

Thailand’s power generator RATCH to co-invest in Australian wind farm project

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.