Societe Generale Corporate & Investment Banking (SG CIB) has closed the US$1.17bil senior project financing for the massive Sarulla geothermal project in northern Sumatra, Indonesia.
It said on Tuesday Sarulla, when completed in 2018, would be the world’s largest “greenfield” geothermal power generation project.
The project involves building a 351 gross megawatt geothermal power station, commercial production of which is expected to begin in 2016.
SG CIB served as the “technical bank,” coordinating both reserves and technical consultants and conducting due diligence. The bank also played a critical role in structuring the deal. The transaction achieved financial close in May 2014.