CIP New Market Fund I has entered into a joint venture with the Indonesian affiliate of French Akuo Energy to develop, build and operate a 400MW pipeline of onshore wind, solar and run-of-the-river hydro projects in Indonesia.

The fund's first investment in the Indonesian renewable energy market comes with the publication of a revised national electricity supply plan for 2021-2030. One of the goals is to increase the proportion of renewable power by 30% of electricity generation in 2030. This pipeline of 400 MW equals around 4.5% of the additional capacity required for Indonesia to reach its target of 23% renewable energy by 2025.

Astris Finance acted as financial advisor and Hadiputranto, Hadinoto & Partners (Baker Mckenzie) as legal advisor to CIP during the M&A process.