Ashurst advises on the project financing of the first co-located solar project in Indonesia

Global law firm Ashurst advised Lenders, Clifford Capital Pte. Ltd. and Societe Generale, in relation to the project financing of a 50MW solar PV plant plus 14.2MWh battery energy storage system (BESS) to supply IKN, the new capital of Indonesia. The project was developed by PT Nusantara Sembcorp Solar Energi (PT NSSE), a joint venture between PT Sembcorp Renewables Indonesia and PT Nusantara Renewables Investasi.

The project achieved COD at the end of December 2024 and financial close was achieved in mid-January 2025. 

This is the first co-located solar and BESS project to achieve financial close in Indonesia as well as the first dedicated power project for the new capital of Indonesia, IKN. It is also Sembcorp's first project financing in Indonesia.

Lead partners Jean-Louis Neves Mandelli and Frédéric Draps commented, "We are delighted to have supported Clifford Capital and Societe Generale on this landmark transaction in Indonesia's capital city, and to continue to build our track record delivering financial close on first in kind Indonesian IPPs".