OPIC and PT UPC Sidrap Bayu Energi Partner to expand Indonesia's capacity to generate clean energy
April 7, 2016
(OPIC)
Jakarta, Indonesia – Elizabeth L. Littlefield,
President and CEO of the Overseas Private
Investment Corporation (OPIC), the U.S.
government’s development finance institution,
and Brian Caffyn, President Director of PT UPC
Sidrap Bayu Energi, today signed a Letter of
Cooperation for the financing of Indonesia’s
first wind power project. In March 2016, the
OPIC Board of Directors approved a proposal to
provide up to $120 million of financing for the
development, construction, commissioning and
operation of a wind farm with a generating
capacity of 75MW in Sulawesi, Indonesia.
“PT UPC Sidrap Bayu Energi will be a
transformative project that will provide clean
renewable energy to Indonesia,” said Elizabeth
L. Littlefield, OPIC’s President and CEO. “With
the financing of this utility scale wind power
deal, we are helping Indonesia accelerate its
renewable energy development while improving
the lives of local communities by providing
reliable power.”
President Director of PT UPC Sidrap Bayu Energy
Brian Caffyn said “The pioneering Sidrap wind
farm project will be Indonesia’s first utility
scale wind farm project. UPC is proud to be
able to bring a new power generation form to
Indonesia at an affordable price and hopes to
be able to replicate this success in other
similar projects and provide low cost renewable
energy for the benefit of PLN and the people of
Indonesia.”
Indonesia's generation capacity does not meet
its growing electricity demand and this problem
is aggravated on the island of Sulawesi. PT UPC
Sidrap Bayu Energi’s 70MW wind farm plans to
diversify the country’s generation mix with a
clean source of power and contribute to the
Government of Indonesia’s energy goals of
increasing renewable energy from 6% of the
generation mix in 2014 to 23% by 2025.
"I am pleased to see growing U.S. investment in
Indonesia and to affirm the U.S. Government's
support for advancing Indonesia's clean energy
goals" said U.S. Ambassador to Indonesia Robert
O. Blake, Jr.
Since 1974, OPIC has committed $2.2 billion in
finance and insurance across 115 projects in
Indonesia. OPIC’s portfolio of active projects
in the country covers a range of sectors, from
healthcare to financial services. Through its
work with PT UPC Sidrap Bayu Energi, OPIC will
be supporting the development of the first
utility-scale wind power plant in Indonesia.
OPIC’s support of wind power projects
throughout Latin America and the Caribbean,
Africa, and Asia has bolstered clean energy
capacity throughout the world. From 2011 to
2015 alone, OPIC committed more than $1.4
billion across 20 wind power projects. These
wind commitments contributed to over 1,000 MW
of clean energy and represented over 2 million
tons of avoided CO2 emissions.
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