SGI-Mitabu Solar Plant Phase I

active

Solar Guys International (SGI), and Mitabu Australia developed the 50MW first phase of a project named "1 solar watt per person" expected to total 250MW. The project was expected to use Kyocera Solar’s 320W c-Si poly PV modules. The project holds a PPA. The project holds a MOU with the Indonesian Ministry of Energy and Mineral Resources to develop the full 250 MW. All contracts were expected to be completed by mid-2013. Construction was expected to start immediately thereafter, and take over 12 months. Islamic financing was applied following a government initiative to promote the practice. Financial closure was reported in November 2012, via Islamic Bond (osshore-domiciled Sukuk) of A$100 million (US$104 million) with a 7 year tenor. The full 250MW was expected to require A$550 million in financing, all of which was expected to be done under Islamic principles. The financiers have informed the developer that funding is available for the entire 250MW, dealt out in tranches for each 50MW parcel. The initial Sukuk is domiciled in Labuan, an offshore financial center in Malaysia. The placing was expected to be almost 100% with local Malaysian investors. During the construction period, the financing follows an 'Istisna', where goods are paid for and subsequently produced and delivered. The cashflow back to the investors is established under a Ijara structure - similar to a rental agreement. After 20 years, this would change to a Musharaka structure, sharing returns between the developer and the investors under a profit-sharing ratio. http://www.pv-tech.org/news/sgi_mitabu_secures_funds_for_50mw_plant_in_indonesia http://www.themalaysianinsider.com/business/article/australian-solar-consortium-plans-offshore-sukuk http://www.pfie.com/solar-guys-plan-indonesian-sukuk/21066934.article http://www.solarserver.com/solar-magazine/solar-news/current/2012/kw45/solar-guys-international-mitabu-australia-secure-funding-for-50-mw-pv-project-in-indonesia.html