Copenhagen Infrastructure Partners (CIP) has entered into a joint venture with PT Akuo Energy Indonesia to develop and initial portfolio of 400MW of clean power projects.
The JV, which is through CIP’s Copenhagen Infrastructure New Markets Fund I, will develop onshore wind, solar and run of river hydro projects in Indonesia, with a potential for future expansion.
This transaction marks CI NMF’s first investment in the Indonesian renewable energy market.
Akuo chairman and co-founder Eric Scotto said: “Akuo has invested significantly in the Indonesian market in recent years, establishing an exceptionally capable local team with deep experience in understanding of the Indonesian market.
“Reaching an agreement with such a solid and committed partner as CIP is a milestone for developing a strong and multitechnology portfolio at the service of Indonesian citizens.”
CIP partner and head of CI NMF Niels Holst said: “We are delighted to take this first important step together with Akuo who we see as a great partner.
“Indonesia is a market with relatively limited renewable energy penetration, but very significant potential, and is therefore a key focus market for CI NMF.
“We look forward to delivering best of class, large scale and cost competitive renewable energy to Indonesia.
“Together with our recently announced investment in India, this transaction demonstrates significant progress against CI NMF’s investment plan and underlines our ability to complete investments despite continued Covid-19 driven uncertainty.”
Astris Finance acted as exclusive financial advisor and Hadiputranto, Hadinoto & Partners, member firm of Baker Mckenzie as legal advisor to CI NMF.