World Bank provides US$300m loan to Pertamina for Ulubelu and Lahendong
The World Bank agrees to lend US$300 million to PT Pertamina Geothermal Energy to build two geothermal power plants in Ulubelu, South Sumatra and Lahendong, North Sulawesi. The loan will be coming from the International Bank for Reconstruction and Development and the Clean Technology Fund.
Reported from Indonesia, “the World Bank has agreed to lend US$300 million to state geothermal producer PT Pertamina Geothermal Energy (PGE) to build two geothermal power plants in Ulubelu, South Sumatera, and Lahendong, North Sulawesi.
The bank said in a press statement sent to The Jakarta Post on Wednesday that the loan package came from the International Bank for Reconstruction and Development and Clean Technology Fund, with a contribution of $175 million and $125 million, respectively.
“The World Bank is pleased to be able to support Indonesia’s efforts to positively impact global climate change. This important project is the first approved Clean Technology Fund operation in the East Asia Region,” said Stefan Koeberle, World Bank country director for Indonesia.
“We appreciate the World Bank’s support for PGE to contribute to efforts to utilize clean energy in meeting Indonesia’s growing power demand,” said Abadi Poernomo, president director of PGE. “This assistance will contribute to PGE’s goal of becoming a world-class geothermal company.”
Upon completion of the project, by 2015, there will be approximate additions of 110 megawatts of electricity in Ulubelu and 40 megawatts in Lehendong. This will displace an equivalent capacity of coal-based power generation, which will reduce local and global environmental pollution.”
Source: The Jakarta Post