CIP New Market Fund I has entered into a joint venture with the Indonesian affiliate of French Akuo Energy to develop, build and operate an initial 400MW pipeline of onshore wind, solar and run-of-the-river hydro projects in Indonesia.

Niels Holst, Partner and Head of CI NMF commented: “We are delighted to take this first important step together with Akuo who we see as a great partner, and are grateful for the important role Astris played in helping us close this partnership. Indonesia is a market with relatively limited renewable energy penetration, but very significant potential, and is therefore a key focus market for CI NMF. We look forward to delivering best of class, large scale and cost competitive renewable energy to Indonesia.”

CIP’s first investment in the Indonesia renewable energy market comes in anticipation of the publication of a revised national electricity supply plan (known as RUPTL, its Indonesian acronym) for 2021-2030. The plan is expected to increase the proportion of renewable power to 30% of electricity generation in 2030.

Astris Finance acted as exclusive financial advisor to CIP during the privately-negotiated M&A process and involved Astris teams in Singapore, Jakarta, HCMC and Paris.

”We are very pleased we advised CIP NMF I in connection with the structuring and equity financing of this ambitious JV, a rare transaction of scale in the Indonesian renewables sector. We share CIP’s vision for a greener energy sector in the largest consumer market in South East Asia. We wish the new partnership a bright and successful future in Indonesia”, said Hugo Virag, Head of Astris Finance’s operations for South-East Asia.