Top executives of Solar Philippines, through its joint venture with Medco Energi, PT Medcosolar Bali Timur, sign a loan agreement with Bank Negara Indonesia for a $14-million financing to fund the construction of a 25-megawatt solar farm in Kubu District, Karangasem Regency, East Bali. Solar Philippines led by founder and chief executive Leandro Leviste owns 49 percent of PT Medcosolar Bali Timur.
Solar Philippines founder and chief executive Leandro Leviste signed the loan agreement along with BNI senior vice president Ditya Maharhani Harninda, Medco Power president and chief executive Eka Satria and Medco Power chief financial officer Myrta Sri Utami at the Medco Power office in Jakarta. Solar Philippines owns 49 percent of PT Medcosolar Bali Timur. It also owns 49 percent of PT Medco Solar Bali Barat, which is developing another 25-MW solar farm in West Bali, bringing the total capacity of the Solar Philippines JV with Medco in Bali to 50 MW.Medco Energi is the largest independent oil and gas exploration and production company in Indonesia.
The JV beat several international power companies to win 25 MW in East Bali and 25 MW in West Bali, for a total of 50 MW. In 2023, the JV began construction of the first 25 MW in East Bali.