CIP and PT Akuo Energy enter into a joint venture for developing over 400 MW of renewable energy projects in Indonesia

Copenhagen Infrastructure Partners (CIP), amongst the largest renewable energy focused fund managers globally, has through Copenhagen Infrastructure New Markets Fund I entered into a joint venture with PT Akuo Energy Indonesia, a subsidiary of Akuo, an independent global renewable energy power producer and developer. Under the joint venture, CI NMF and Akuo will jointly develop an initial portfolio exceeding 400 MW of onshore wind, solar and run of river hydro projects in Indonesia, with a potential for future expansion. This transaction marks CI NMF’s first investment in the Indonesian renewable energy market. This pipeline of 400 MW equals approximately 4.5% of the additional capacity required for Indonesia to reach its target of 23% renewable energy by 2025.

Eric Scotto, Co-founder and Chairman of Akuo says: “Akuo has invested significantly in the Indonesian market in recent years, establishing an exceptionally capable local team with deep experience in understanding of the Indonesian market. Reaching an agreement with such a solid and committed partner as CIP is a milestone for developing a strong and multitechnology portfolio
at the service of Indonesian citizens.”

Niels Holst, Partner and Head of CI NMF commented: “We are delighted to take this first important step together with Akuo who we see as a great partner. Indonesia is a market with relatively limited renewable energy penetration, but very significant potential, and is therefore a key focus market for CI NMF. We look forward to delivering best of class, large scale and cost competitive renewable
energy to Indonesia. Together with our recently announced investment in India, this transaction demonstrates significant progress against CI NMF’s investment plan and underlines our ability to complete investments despite continued COVID-19 driven uncertainty.”

Astris Finance acted as exclusive financial advisor and Hadiputranto, Hadinoto & Partners, member firm of Baker Mckenzie as legal advisor to CI NMF.

About Akuo: Entrepreneurs by Nature
Akuo is an independent global renewable energy power producer and developer. The company is present across the entire value chain, including project development, financing, construction, and operation. As of end 2020, Akuo had invested more than EUR 2.6 billion for a current total capacity of 1.2 GW in operation or under construction and had over 5 GW of projects under development. With more than 350 employees, the Group, headquartered in Paris, France, has a presence in over 15 countries around the world.

About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, and other energy assets like Power-to-X. CIP has approximately 200 employees and offices in Copenhagen, Hamburg, New York, Tokyo, Utrecht, and London.