Indonesia, the Asian Development Bank (ADB), 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 program, 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 , Asian Development Bank officials said.
The agreement is the first under the ADB’s Energy Transition Mechanism , an initiative to blend private investment funds, public finance and philanthropic donations to buy up or refinance coal power plants in Southeast Asia to retire them early as the region shifts to renewable energy sources. “With this announcement, we’re taking the first steps in what was an ambitious project and making it real,” he added.The deal does not change the ownership structure for the 12-year-old Cirebon 1 plant, a key power supplier to Jakarta with a 30-year supply contract to state grid operator Perusahaan Listrik Negara .
ADB also said a number of financial firms and philanthropic groups have expressed interest in participating in the transaction.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Economic reopening lifts Asian Terminals’ 9-month earningsAsian Terminals Inc. (ATI) booked a 21-percent growth in its net income as of end-September as operations picked up with the further reopening of the economy. In its quarterly report, the listed
Read more »
Carlo Paalam bags gold in ASBC Asian Elite tourneyCarlo Paalam stunned 2021 world championship silver medalist Makhmud Sabyrkhan of Kazakhstan via split decision to capture the men’s 54kg bantamweight gold medal in the ASBC Asian Elite Boxing Championships in Amman, Jordan Saturday, Nov. 12.
Read more »
Southeast Asian leaders call for unity amid global tensions - BusinessMirrorPHNOM PENH, Cambodia—Cambodian leader Hun Sen called for unity Sunday, telling a gathering including Russia, China and the United States that current global tensions have been taking a toll on everyone. The prime minister, whose country holds the rotating chair of the Association of Southeast Asian Nations, said at the opening of the East Asia
Read more »
Biden huddles with Asian allies on North Korea threat and China - BusinessMirrorPHNOM PENH, Cambodia—President Joe Biden is set to meet Sunday with the leaders of Japan and South Korea to coordinate their response to North Korea’s threatening nuclear and ballistic missile programs, as well as to seek input on managing China’s assertive posture in the Pacific region on the eve of his planned face-to-face with President
Read more »
Tabuena, Que bringing Asian Tour winning acts to ICTSI Match Play - BusinessMirrorMIGUEL TABUENA and Angelo Que hope to buck the rigors of long travel and provide the challenge in a stellar field all primed for a novel knockout format in the ICTSI Villamor Match Play Invitational beginning Tuesday at the Villamor Golf Club in Pasay. The multi-titled Asian Tour veterans wrapped up their International Series Egypt
Read more »
Carlo Paalam stuns top seed to capture gold in Asian Boxing ChampionshipsCarlo Paalam pulls off a split decision win over Kazakhstan's Makhmud Sabyrkhan to rule the men's bantamweight division of the ASBC Asian Elite Boxing Championships.
Read more »