Heaptalk, Jakarta — Indonesia’s renewable energy startup, SUN Energy, has obtained a multi-option trade facility of US$10 million from PT Bank SMBC Indonesia.
This facility will support SUN Energy’s operational needs and expand solar energy projects in the commercial and industrial (C&I) sectors. This funding will be used for two primary purposes: procuring raw materials for solar energy and enhancing competitiveness in key project tenders.
SMBC arranged this financing with high flexibility to cater to SUN Energy’s needs, including:
“This facility provides the flexibility to continue innovating and expanding our solar energy project portfolio. We thank Bank SMBC Indonesia for their invaluable support in our journey toward a cleaner and more sustainable energy future.” The Group Head of Corporate Finance of SUN Energy, Vicky Lono, said.
SUN Energy has partnered with various companies to install solar panels for industrial operational needs. One such project is the installation at PT Idec Abadi Wood Industries in North Kalimantan, featuring a capacity of 762,700 kWh and projected to reduce CO2 emissions by 593 tons annually. As of November 2024, the company has successfully installed 175 MWp of solar panels across Indonesia.
In early 2024, SUN Energy bags strategic funds at US$31.9 million (approximately Rp500 billion) from PermataBank to develop solar energy projects in Indonesia. Through this green financing scheme, the banking company will strategically channel the financing access for New Renewable Energy (NRE) projects.
Meanwhile, SMBC Indonesia reported sustainable loan disbursements totaling nearly US$1.1 billion (Rp17.3 trillion) by the end of September 2024, reflecting an 18% growth compared to the same period in the previous year.
“As a leading player in solar energy projects, SUN Energy aligns its objectives with SMBC Indonesia to drive the growth of green businesses, with SMBC Indonesia serving as a provider of banking solutions,” Head of Wholesale, Commercial, and Transaction Banking of SMBC Indonesia, Nathan Chistianto, emphasized.
