The World Bank will be granting a $500 million loan to Indonesian oil and gas company PT Pertamina Geothermal Energy (PGE) for the development of nine geothermal power projects in the country, the Antara News reported last Monday (June 8).
The loan would be released in the first quarter of 2010, according to PGE president Abadi Poernomo. The amount of $3 billion would be needed by PGE to complete all its geothermal power projects.
Other companies are being sought by PGE for additional funding, such as the Japan International Cooperation Agency (JICA) and KfW Bankengruppe. JICA is one of the world’s largest bilateral development organizations that provide grants and loans. The German bank KfW is another leading international supporter of renewable energy projects that invested €340 million last year on such projects in developing countries.
In June last year, the World Bank also approved for Indonesia a $4 million Global Environment Facility (GEF) loan to boost its geothermal energy sector. The fund was administered through the Geothermal Power Generation Development Project under the Ministry of Energy and Mineral Resources, through the Directorate General for Mineral, Coal and Geothermal.
World Bank grants new $ 500M loan to Indonesia as continued support of the country’s geothermal sector
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