Indonesia Gets State Wealth Fund to Retire 660MW Coal Plant
- Plant is first to be shuttered under transition fund mechanism
- ETM raises funds from 14 partners, including HSBC, StanChart
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Indonesia’s state wealth fund signed a non-binding agreement to help fund the early retirement of a 660-megawatt coal-fired plant in West Java, the first deal to be made under a newly-set up energy transition fund.
The money will be used to retire Unit 1 of the plant located in the city of Cirebon, some 200 kilometers away from the capital Jakarta, according to a statement. The coal plant, which started operations in 2012, is jointly owned by Marubeni Corp., PT Indika Energy, Samtan Co., Korea Midland Power Co. and Jera Co.