PT Medco secures $126 million loan for geothermal project in Indonesia
Project work on Blawan Ijen project site, East Java (source: Medco Energi)
Carlo Cariaga
12 Jan 2024
The U.S DFC has granted a $126 million loan to Medco Cahaya Geothermal to finance a 31.5-MW geothermal project in East Java, Indonesia.
PT Medco Cahaya Geothermal (PT Medco) has been selected as one of the firms to be granted loans by the U.S. International Development Finance Corporation (DFC). More specifically, PT Medco will receive a $126 million loan to finance the development of a 31.4-MW geothermal power project in East Java, Indonesia.
No specific project was mentioned in the transaction documents. However, PT Medco is currently working on the Blawan Ijen geothermal site in East Java under a 35-year concession under the Ministry of Energy and Mineral Resources (MEMR) with the plan to develop 2 x 55 MW of power generation capacity. The latest major update on the project is the completion of exploration works back in 2022.
Source: TN Global
