WASHINGTON, D.C. 3/5/12 (PennWell) -- The International Finance Corporation has agreed to buy an 11% share in PT Medco Power Indonesia, sources report.
The US$112 million equity investment will help the hydroelectric power producer expand its portfolio with five new hydro plants and an additional 390 MW worth of power. Currently, PT Medco relies exclusively on gas-powered power plants for its production, according to the company's website.
The deal was brokered by Saratoga Capital and includes an unspecified number of other investors.
IFC's contributions to PT Medco's project come on the heels of a $60 million investment the corporation made in Pakistan's 147-MW Patrind hydroelectric plant in December 2011.