Philippines solar power developer Solar Philippines, through its joint venture PT Medcosolar Bali Timur, has secured a $14 million loan from Bank Negara Indonesia (BNI) to finance the construction of a 25-megawatt (MW) solar farm in East Bali.
This project marks the largest ground-mounted solar installation in the region.
Read also: BNI provides loan for Bali solar PV project
Solar Philippines holds a 49% stake in the joint venture with PT Medco Power Indonesia holding the balance. The total project cost is estimated at $20 million, funded through a combination of the BNI loan and equity investment from both partners.
This project represents the first phase of a larger development.
The joint venture also plans to construct an additional 25 MW solar farm in West Bali, bringing the total project capacity to 50 MW by 2025. Construction of the first phase in East Bali began in 2023 and is expected to be completed by the end of the year.
Editing by Alexander Ginting
