Investment firm Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure New Markets Fund I (CI NMF), has partnered with Akuo subsidiary PT Akuo Energy Indonesia to develop a renewable portfolio in Indonesia.

The two companies will initially focus on developing onshore wind, solar and run-of-river hydropower projects in Indonesia, with more than 400MW of combined capacity.

Akuo co-founder and chairman Eric Scotto said: “Akuo has invested significantly in the Indonesian market in recent years, establishing an exceptionally capable local team with deep experience in understanding of the Indonesian market.

“Reaching an agreement with such a solid and committed partner as CIP is a milestone for developing a strong and multi-technology portfolio at the service of Indonesian citizens.”

Once completed, the pipeline will account for 4.5% of the additional renewable capacity required for Indonesia to meet its target of generating 23% of its energy from renewables by 2025.

It is CI NMF’s first investment in the Indonesian renewable energy segment.

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Astris Finance served as financial advisor to CI NMF, while Hadiputranto, Hadinoto and Partners, a member firm of Baker Mckenzie, acted as its legal advisor.

CI NMF partner and head Niels Holst said: “Indonesia is a market with relatively limited renewable energy penetration, but very significant potential, and is therefore a key focus market for CI NMF.

“Together with our recently announced investment in India, this transaction demonstrates significant progress against CI NMF’s investment plan and underlines our ability to complete investments despite continued Covid-19 driven uncertainty.”

Last month, CI NMF signed an agreement with Amp Energy India to jointly invest more than $200m in renewable energy projects in India.

Amp India and CI NMF initially aim to develop a 1.7GWp renewable project portfolio, which will deliver clean energy to commercial and industrial and utility customers.