“This MOU with our trusted partners in Indonesia is a landmark moment for ADB’s Energy Transition Mechanism and the clean energy transition it will advance,” ADB President Masatsugu Asakawa said.
“As Asia and the Pacific’s climate bank, ADB is proud to be showing the viability of this approach, supported by the outstanding leadership of Indonesia. We encourage other financial stakeholders to engage in the just and affordable energy transition here and across Asia and the Pacific."
This forms part of the ADB’s Energy Transition Mechanism which intends to accelerate the retirement of coal-fired power plants.
The MoU was signed by Asakawa, Cirebon Electric Power (CEP) President Director Hisahiro Takeuchi, PTPLN (Persero) President Director Darmawan Prasodojo, and Indonesian Investment Authority CEO Ridha D. M. Wirakusumah.
"ETM provides an innovative approach for companies like CEP to make the transition from coal to clean energy while providing reliable and affordable power for Indonesia’s energy infrastructure," Takeuchi said. “This MOU is a big step forward for Indonesia and we are proud to be working with the Asian Development Bank and Indonesian Investment Authority.”
