Singapore, 19 September 2016 – Equis Asia Fund II, through Redaya Energi and its Indonesian platform (together, “Equis”), is pleased to announce that it has signed a Power Purchase Agreement (“PPA”) with PT PLN (Persero) (“PT PLN”) on 19 September 2016 for the 60MW Tolo Wind Farm Project in Jeneponto, South Sulawesi, Indonesia. Equis also announces, it has signed a conditional agreement to appoint Vestas Wind Systems A/S of Denmark as EPC contractor.
Leading representatives from Equis and PT PLN signed the PPA in Copenhagen in the presence of Indonesia’s Minister of State Owned Enterprises Ibu Rini Soemarno, Denmark’s Minister for Energy, Utilities and Climate Lars Christian Lilleholt and CEO of Vestas Anders Runevad.
The PPA for Tolo Wind Farm is the first for Equis in Indonesia and the third utility scale wind PPA ever signed by PT PLN.
David Russell, CEO of Equis, stated, “Indonesia is set for a period of rapid, sustained growth in energy demand, and the Indonesian government has set ambitious targets for renewable energy to satisfy a large share of this demand. Equis is committed to leveraging our experience and expertise in Indonesia to support these government initiatives and local community development.”
Tolo Wind Farm will have a net capacity of 60MW generated by Vestas wind turbines, injecting power to the South Sulawesi grid via a high‐voltage transmission line connected to the Jeneponto substation. Construction of Tolo Wind Farm is set to commence in 2017 with expected Commercial Operation Date in 2018.
The Tolo Wind Farm contributes to Indonesian President Joko Widodo’s 35,000MW additional capacity by 2019 program, as well as the nation’s 23% renewable energy target. Equis is currently finalising the development of several renewable energy projects in Indonesia with a targeted equity investment of over US$500 million over the next 24 months.