30MW SOLAR IPP PROJECT IN EAST NUSA TENGGARA WITH 50MWh of POWER STORAGE


$ 38.000.000



Project type:  SOLAR POWER – IPP

Investment cost:  US$37,5 Million

EPC cost/status: Est $36m/ EPC contract already assigned.

Off-taker :  PLN

Project Stage:  Awaiting PPA extension. The project currently has 10MW installed on site and PLN has requested for a capacity increase of 20MW and also the introduction of power storage of 50MWh

Time to PPA: Estimated 2 months

Expected tariff/term: IDR 1350kwh /20 year term

Tariff escalation rate:  20%

Annual Sales (est)   $6,500,000

Annual Cash flow (est) $5,800,000

BOOT/BOO: BOOT

Technology:  Bifacial 540w Panel with 50MWh BESS system

Regional Supply/Demand:   Rural areas in ENT are still largely operating from diesel generators with an estimated running cost of over 3000IDR/kwh. As such the supply demand balance is favourable.

Management Background:  The developer is one of the best-known names in Indonesian Solar. They were one of the first IPPs to get a Solar PPA of more than 5MW and since then they have grown quickly within the C&I space, with a total C&I pipeline in excess of 25MW.

Debt finance:  Unsecured as of now. Local IIF interest rate anticipated to be 10% with a tenure of 10 years. With the help of European ECA support the best we have seen is 8% and 12 years of tenure.

Unlevered IRR- 10.2%

Investor IRR - 12.55% assuming 30% equity/ 70% debt and a 20% local partner shareholder loan

Investor Payback Period  8 years.