GE’s Energy Financing Unit Provides $50M Credit Facility to Indonesia Geothermal Developer
The Wayang Windu power station, Indonesia
GE Energy Financial Services, the energy financing unit of General Electric, is financing the expansion of a geothermal power plant in Indonesia via a $50 million credit facility. The loan is part of a larger $282 million project finance loan that closed in 2007 arranged by Standard Chartered Bank.
The 220-megawatt Wayang Windu power plant, operated by local developer Star Energy, is located on the island of Java, 200 kilometers (124.7 miles) southeast of Jakarta. Star Energy plans to tap the GE financing to double the plant’s capacity to 440 megawatts.
In a prepared statement James Berner, head of Asia at GE Energy Financial Services said:
The Wayang Windu project is ideal as GE Energy Financial Services’ first investment in the Indonesian energy sector in a decade. It illustrates two strategic themes for GE: the rise of Indonesia and the growth of renewable energy in our ecomagination program.
Indonesia has one of the biggest geothermal resource potentials in the world, estimated at 27,510 megawatts, but only 5 percent, or 1,052 megawatts, has been developed so far. The government has said that it plans to install 9,500 megawatts of geothermal generation by 2025.
Photo: Business Wire
