PT Medcosolar Bali Timur, a joint venture (JV) company comprising Solar Philippines and Indonesia-based Medco Energi, has secured a USD14 million bank loan to develop a 25 MW solar farm in East Bali. The financing deal was signed with Bank Negara Indonesia (BNI).
The project, initiated in 2023 with an estimated cost of USD20 million, is set to come online by the end of 2024. Once operational, it will be the largest ground-mounted solar project in Indonesia.
The solar project is one of the two schemes that the partners will execute under power purchase agreements (PPAs) with PLN. The 20-year contracts for the projects in East and West Bali, respectively, were awarded in a tender held by the utility in 2019.