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Power Plant

Indonesia, ADB Launch First Coal Power Plant Retirement Deal

Power Plant
An officer stands guard ahead of the G20 summit in Nusa Dua, Bali, Indonesia, November 13, 2022. REUTERS/Ajeng Dinar Ulfiana

KONTAN.CO.ID - NUSA DUA. Indonesia, the Asian Development Bank and a private power firm are teaming up to refinance and prematurely retire a coal-fired power plant, the first such project under a groundbreaking carbon emissions reduction programme, they announced on Monday.

The 660-megawatt Cirebon 1 power plant in West Java would be refinanced in a $250 million to $300 million deal on condition that it be taken out of service 10 to 15 years before the end of its 40- to 50-year useful life under a memorandum of understanding (MOU), Asian Development Bank (ADB) officials said.

The Manila-based multilateral lender and Indonesian Finance Minister Sri Mulyani Indrawati announced the MOU with independent power producer Cirebon Electric Power in Bali on the sidelines of the G20 leaders summit.

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