PT SMI and GREI Sign Rp1.25 Billion Financing for Solar Power Plant Development

PT Sarana Multi Infrastruktur (PT SMI) has signed an investment financing agreement with PT Greenroof Energy Indonesia (GREI)/CN Greenroof Asia (CNGRA) for a maximum investment credit facility limit of Rp1.25 billion. The financing will refinance the existing solar power plant project operated by GREI. The shareholders or group of PT GREI, CN Green Roof Asia Pte. Ltd., is a joint venture between Climate Fund Managers, Climate Investor One (CI1), and Norfund for investing in, constructing, and operating solar and energy storage solutions in Vietnam, Indonesia, and the Philippines. CI1 is a $1 billion blended finance facility focused on renewable energy infrastructure in developing countries. “This facility is supported by public and private investors, including the European Commission through Global Gateway as part of the EU’s commitment to supporting sustainable energy development, climate action, and high-quality green infrastructure investment,” said PT SMI’s Director of Financing and Investment, Sylvi J. Gani, in a statement on Sunday in Jakarta. Climate Fund Managers (CFM) is a joint venture between FMO, a Dutch development finance institution (DFI), and Sanlam Infraworks, part of South Africa’s Sanlam Group. Meanwhile, Norfund is the Norwegian government’s investment fund for developing countries, with a mission to create jobs and improve living standards through investments in businesses that promote sustainable development. In 2024, Norfund recorded investment commitments of over $4 billion across Southeast Asia, Sub-Saharan Africa, and Central America. Around 40% of its total investment portfolio is allocated to the clean energy sector. Sylvi stated that PT SMI remains committed to supporting renewable energy development through sustainable and impactful financing. “The collaboration with PT GREI is expected to expand the use of solar energy in the commercial and industrial sectors while strengthening Indonesia’s efforts to achieve its energy transition targets and carbon emission reductions,” Sylvi said. PT GREI Director Eduardus Pandik said the partnership marks a significant milestone for the company in strengthening solar power project development in Indonesia. “PT SMI’s financing support is a strategic step for PT GREI to continue expanding solar power plant development in Indonesia. We believe solar energy not only provides environmental benefits but also creates energy efficiency and opens up broader opportunities for green economic growth,” Eduardus said. As a provider of solar energy and energy storage solutions, PT GREI focuses on delivering clean energy access through long-term financing schemes that require no upfront investment from customers. Under this business model, PT GREI covers all investment, installation, operational, and maintenance costs for solar power plants, enabling customers to benefit from reduced electricity costs while supporting cleaner energy use. From an industry perspective, support for solar power plant development aligns with government policies to increase the share of renewable energy in the national energy mix. Regionally, CN Green Roof Asia aims to expand its solar energy platform from 110 megawatts (MW) to 500 MW over the next five years across Southeast Asia, including Indonesia, Vietnam, and the Philippines. This collaboration also strengthens PT SMI’s role as the Energy Transition Mechanism (ETM) Country Platform Manager through financing support for green projects and energy transition in Indonesia. Additionally, the move supports the government’s Astacita initiative, particularly in promoting energy independence and sustainable economic development. PT SMI stated it will continue to promote innovative financing that supports low-carbon development and accelerates Indonesia’s net zero emissions target in the future.