Climate Insider Brief:
- SUN Energy, a solar energy startup in Indonesia, has secured strategic funding of US$31.9 million from PermataBank. This financial injection aims to support the development of solar energy projects in the country.
- PermataBank’s funding aligns with a green financing scheme to promote New Renewable Energy (NRE) projects. The initiative is in harmony with the Indonesian government’s commitment to achieving Net Zero Emission (NZE) by 2060, emphasising a balance between economic, environmental, and social considerations.
- SUN Energy, established in 2016, plans to utilize the funds to expand its solar energy projects in Indonesia.
PRESS RELEASE – Heaptalk, Jakarta / February 26, 2024 – Solar energy startup SUN Energy bags strategic funds at US$31.9 million (approximately Rp500 billion) from PermataBank to develop solar energy projects in Indonesia. Through this green financing scheme, the banking company will strategically channel the financing access for New Renewable Energy (NRE) projects.
According to the company’s statement on its press release, the green financing continues to evolve along with the archipelago’s government intention to reach the Net Zero Emission (NZE) goal by 2060, one of which is backed by a funding effort that balances the economy, environment, and social aspects.
“We appreciate PermataBank’s support of solar energy utilization in Indonesia. We have experienced a significant increase in business in the last three years. Therefore, we will use this facility to expand Indonesia’s solar energy development project. For this reason, we hope to continue providing integrated solar energy services to customers and expand market reach in various regions in the country,” said Dion Jefferson, Deputy CEO of SUN Energy.
Established in 2016, SUN Energy develops and leases solar photovoltaic (PV) installations to companies and industries, such as shopping centers, with long-term lease agreements. SUN Energy has more than 300 MWp of solar energy projects, including around 89 completed projects; three are spread in other countries (Thailand, Vietnam, and Australia), and 25 are spread across 25 cities throughout the country.
In maximizing the national solar energy utilization, this startup previously bags injection from German-based financial institution DEG at USD21 million last month and Indonesia’s TBS Energi Utama worth US$23 million as of 2021 to augment its energy capacity of up to 50 MW in more than 50 new project locations for commercial and industrial rooftop solar power generation in Indonesia.
Meanwhile, this banking company has disbursed its credit worth US$9.1 billion, boosted by credit distribution enhancement towards corporations at US$5.9 billion in 2023. Through the agreed financing facilities, the two companies look forward to mitigating the risk of climate change through an optimal energy transition and positively impacting the creation of a green business ecosystem in Indonesia.
“This collaboration is our strategic move in increasing environmentally friendly financing by involving clients to encourage sustainable practices and support the transition towards low carbon and more resilient climate strategies,” affirmed Chief Corporate Banking PermataBank, Evi Hiswanto.
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SOURCE: Heaptalk
Featured Image: Credit: SUN Energy
