Riau IPP (IFC-39879)

  • Indonesia
Where the impacts of the investment may be experienced.
Specific Location
Industri Tenayan Sub-District, Pekanbaru City, Riau Province, Sumatera
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 21, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 287.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 28, 2019

Disclosed by Bank Jul 23, 2018

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Project Description

According to IFC, "the proposed project is the development, construction and operation of a 275 megawatt (MW) combined cycle gas turbine power plant and about 40-kilometer gas pipeline in Riau Province, Sumatera, Indonesia. The Project has secured a 20-year power purchase agreement from the national electricity utility, PT Perusahaan Listrik Negara (PLN) and it is anticipated that the Project will generate about 1.4 TWh of electricity annually."

Investment Description
Private Actors Description

IFC stated that the project was awarded to a consortium of PT Medco Power Indonesia (51%) and Ratchaburi Electricity Generating Holding Public Company Limited (49%), to implement through Medco Ratch Power Riau (MRPR).

PT Medco Power Indonesia (MPI) is a developer and operator of small to medium size gas-fired, geothermal and mini-hydro power projects. It was established in 2004 and is owned 88.63% by PT Medco Energi Internasional, Tbk, and 11.37% is owned by IFC.

Ratchaburi Electricity Generating Holding Public Company Limited (RATCH) acts as a holding company and accounts for a total installed capacity of about 6.6 GW operating and 952 MW under development contributing about 18% of Thailand’s generation capacity. About 80% of RATCH’s power assets are gas-fired and their projects are located in Thailand, Laos, Australia, China and Indonesia. RATCH is listed on the Thailand stock exchange and owned 45 % by the Electricity Generating Authority of Thailand, 20% Thai NVDR Company Limited and the remaining by other investors, each below 5%.                                                        

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Electricity Generating Authority of Thailand (EGAT) Parent Company -
- - - - Medco Ratch Power Riau (MRPR) Subsidiary -
- - - - Perusahaan Listrik Negara (PLN) Buyer -
- - - - PT Medco Energi Internasional Tbk Parent Company -
- - - - PT Medco Power Indonesia Client -
- - - - Ratchaburi Electricity Generating Holding Public Company Limited (RATCH) Client -
- - - - Thai NVDR Company Limited Parent Company -

Contact Information

Project Contact: Firdaus Rizaldy Rizky
Project Finance Manager, PT Medco Ratch Power Riau 
Telephone No.: +62 21 2995 3316
Email Address: Firdaus.Rizky@medcoenergi.com
Office Address: South Jakarta 12190 Indonesia
Website: www.medcopower.co.id


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