News and Updates

Delphos Project Wins PFI Deal of the Year

Project Finance International 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. The consortium raised over $350 million of senior debt from the Asian Development Bank (“ADB”) to construct, operate, and maintain the project. The 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.

Sarulla is the largest single-site geothermal project in the world. The US $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.

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