The International Finance Corporation (IFC) has acquired a part of an Indonesian gas and hydropower company, in an effort to promote the expansion into cleaner electricity sources for Indonesia.
24 February 2012: The IFC (International Finance Corporation), a member of the World Bank Group, acquired 11% of an independent hydroelectric sources and gas producer in Indonesia, as a means to provide cleaner electricity to over 2 million people in Indonesia by 2016.
The company, PT Medco Power Indonesia, will use the investment by IFC to complete five projects that will increase its generation capacity to 390 MW, and which are expected to result in emissions reductions equivalent to 500,000 tons of carbon dioxide. In addition, the investment will allow Medco to expand into new areas such as small scale hydropower projects. The IFC investment makes up one part of an overall US$112 million equity investment led by Saratoga Capital. [IFC Press Release]