SOLAR Philippines Power Project Holdings Inc. (Solar Philippines), the parent company of listed SP New Energy Corp., recently secured a $14-million loan for the construction of a solar farm in East Bali, Indonesia.

The company said over the weekend that through its joint venture with MedcoEnergi (Medco), PT Medcosolar Bali Timur, it signed a loan agreement with Bank Negara Indonesia (BNI) to fund the construction of a 25-megawatt (MW) solar farm in Kubu District, Karangasem Regency, East Bali.

The $14-million loan will help fund the completion of the project, touted as the largest ground-mounted solar project in Indonesia.

In a statement, BNI said it was actively focused on financing environmentally friendly projects to help encourage Indonesia's transition to green energy.

Solar Philippines began developing solar projects in Bali in 2017. In 2019, it formed its joint venture with Medco to bid for a solar project offered by Indonesia's state-run utility, PT Perusahaan Listrik Negara (PLN).

The firm won the bid to supply 25 MW in East Bali and another 25 MW in West Bali. It signed the corresponding power purchase agreements with PLN in 2022.

Construction began last year for the 25-MW plant in East Bali, which has an estimated cost of $20 million. The $14-million loan forms part of the project funding plus the equity invested by both Medco and Solar Philippines.

The East Bali project is projected to come online by the end of 2024, while the West Bali project is targeted to become operational by 2025.

Solar Philippines said that Indonesia had one of the world's lowest solar capacities per capita, which presented many opportunities for growth in green energy ventures.

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