The DFC commitment for the company is in cooperation with Indonesian infrastructure bank PT Sarana Multi Infrastruktur (Persero)(SMI), with which MCG has signed a financing agreement last year.
A ceremonial commitment signing was held in Jakarta between Nisha Biswal, Deputy Chief Executive Officer of the DFC and representatives from PT Medco Power Indonesia and Ormat Technologies Inc. MCG is jointly owned by Medco Power (51%) and Ormat Technologies (49%).
The project represents the latest example of Indonesia’s engagement with the U.S. Government across several critical sectors, including financing for infrastructure and renewable energy. “The Ijen Geothermal power plant is a key part of Indonesia’s ambitious strategy for an energy transition,” said Nisha Biswal.
“This project also reinforces our shared goals through the U.S.-Indonesia Comprehensive Strategic Partnership, which will enhance economic and energy security for both of our countries.”
In late 2022, MCG announced receiving approval from the Ministry of Energy and Mineral Resources (MEMR) to drill four exploration wells, two reinjection wells, and one make-up well on the Ijen site. This follows the results of an exploration survey done by MCG that was concluded earlier in 2022.
