Delphos International’s Sarulla Geothermal Project Receives Additional Accolades
IJGlobal named the 330 MW Sarulla geothermal project in Indonesia the Asia Pacific Power Deal of the Year for 2014. Delphos International served as a financial advisor to a consortium of sponsors including Ormat, Itochu Corporation, Kyushu Electric Power Company, and Medco Power Indonesia.
Delphos assisted the consortium raise over $350 million of senior debt from the Asian Development Bank (“ADB”) to construct, operate, and maintain the project. The total financing package consisted of a 20-year $250 million loan from the ADB, a 20-year $100 million mezzanine loan from two ADB-run climate funds, a 20-year $490 million loan from JBIC, and a 20-year $330 million loan from six commercial banks, supported by JBIC political risk insurance. The $1.5 billion project will operate under a 30-year energy sales contract with PLN (Indonesian electricity distribution company), a 30-year joint operating contract with Pertamina Geothermal Energy, and a 20-year guarantee from the Indonesian Ministry of Finance.
Sarulla, the largest single-site geothermal project in the world, has also been recognized by Project Finance International as the Asia Pacific Power deal of the Year and had previously been recognized as by IJGlobal as one of the Top Deals of 2014.
Click here (https://ijglobal.com/Articles/95697) for a full list of winners.
