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Australian firm finances Indonesian power project with sukuk
Islamic bonds will finance a 250 MW Indonesian project.
SGI-Mitabu, a joint venture between The Solar Guys International and Mitabu Australia, is developing a 250 MW solar power project under an agreement with Indonesia’s Ministry of Energy. In what could be a first in financing, the entire deal will involve Islamic financing.
The venture will launch a seven-year $100 million sukuk, or Islamic bond, later this year. That amount will be used to finance the first 50 MW stage of the project.
To complete the entire project, the partners will need to raise an additional $450 million, which will be raised via Islamic financing.
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