The United States International Development Finance Corporation (DFC) has committed up to USD126 million in funding for PT Medco Cahaya Geothermal (MCG) to support the first phase of the Ijen geothermal project in East Java, Indonesia. The first phase will generate 31 MW of geothermal energy.
The financing commitment involves collaboration between the DFC and PT Sarana Multi Infrastruktur (Persero) (SMI), with which MCG had previously signed a financing agreement. MCG is jointly owned by Medco Power Indonesia and Ormat Technologies Incorporation.
