The Asian Development Bank, World Bank and investors from Canada and Japan have partnered on a $85.7 million financing package for Timor-Leste’s first independent power project.
An $85.7 million financing package has been signed off for a 73.7 MWac grid-connected solar plant tied to an 80.2 MWh battery energy storage system in Timor-Leste.
The project is both Timor-Leste’s first utility-scale solar-plus-storage project and its first independent power producer project. It will be operated by Manatuto Renewables Power, a joint venture company between French utility EDF and Japan’s Itochu Corporation.
The funding package will support the development, construction, operation and maintenance of the solar-plus-storage system and association transmission lines and ancillary facilities.
It consists of $12.2 million in senior loans from the Asian Development Bank (ADB), $19 million from the International Finance Corporation (IFC) and $12.2 million from the Japan International Cooperation Agency (JICA).
