• Jul 24, 2019

CIF Initiative in Indonesia Named 2019 Geothermal “Deal of the Year”

CIF Action 

HONG KONG—Rantau Dedap, a geothermal facility in Indonesia financed by the Climate Investment Funds (CIF) and the Asian Development Bank (ADB), has received The Asset Magazine’s prestigious 2019 Renewable Energy Deal of the Year Award for Geothermal.

The Asia-focused investment magazine’s Triple A Infrastructure Awards recognize “institutions and the deals in Asia that made a difference.”

The Rantau Dedap site is located in the South Sumatra province and upon completion expected to have a capacity of 90 megawatts, helping reduce carbon dioxide emissions by around 400,000 tons every year. The project will accelerate Indonesia’s progress in reaching a target of 29 percent fewer emissions by 2030, and tap the country’s vast geothermal reserves. Indonesia holds an estimated 40 percent of the world’s geothermal resources.

Among other efforts, CIF helped finance operations to locate and evaluate the geothermal reserves that supply Rantau Dedap, widely considered to be the riskiest and costliest part of any geothermal venture.

Through its Clean Technology Fund (CTF), CIF has joined ADB in supporting three major geothermal projects across Indonesia, including the Sarulla Geothermal Power Project in North Sumatra, a 320 MW complex reported to be the world’s biggest single-contract geothermal project. All told, the investments are on track to benefit around one million households.

Globally, CIF geothermal investments total around $810 million. Sourced from heat deep within the earth, geothermal energy is cost-effective, reliable, and environmentally friendly. A staggering 96 percent of the world’s geothermal reserves remain untapped.

Media contact
Scott Vincent Andrews
E: sandrews3@worldbank.org 
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