As you may have read in last week's Energy
& Environment Newsletter, the State Department has
announced a new $6 billion initiative to promote and finance the
development of 12 GW of geothermal resources in Indonesia. The
following are some initial elements of the effort:
The monies will
come from leveraging existing financing authorities at Ex-Im, OPIC,
USTDA, and State.
The goal is to
export U.S. goods and services to Jakarta, develop resources in
Sumatra, and transmit the renewable power to Singapore. The
Singapore government is interested in drastically reducing its coal
fleet and to promote itself as a "eco-friendly"
policy rationale surrounds overcoming the difficult FDI climate in
Indonesia, which the U.S. is hoping to overcome through this
initiative. This will also align with the Administration's
diplomatic Asia "pivot" efforts.
is looking to garner private sector interest for this initiative,
and is seeking companies for a potential Southeast Asia due
There will be a
major announcement – likely by Secretary Kerry – this
September at the ASEAN Summit in Brunei.
Potential or existing climates in the geothermal space could
stand to benefit from ML Strategies and Mintz's Energy &
Cleantech Practice. If you have any questions, please contact David
Leiter or Jordan Collins.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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