Brisbane Solar in the Indonesian Isle

Two Brisbane solar companies have struck a deal to develop a 250 megawatt solar station in Indonesia.

Solar Guys International and Mitabu Australia are working with the Indonesian Ministry of Energy on the $550 million project.

In a statement released by a representative for the joint companies, SGI-Mutabu will be participating in an Australian first.

“Funding for the first 50MW of the project will be obtained using local Indonesian and Islamic financing known as a sukuk.”

SGI-Mitabu will begin sharia-compliant financing in July using the offshore-domiciled sukuk, or Islamic bond.

Rusydi Mitabu, director of Mitabu Australia said Indonesians like the idea of clean, green energy.

“Investors are excited about the idea of clean energy and its sustainability features,” he said.

“The demand for the Australian dollar and for non-US dollar dominated sukuk is growing very strong.”

Advertisment - Learn more

Reuters Newsagency has reported in the past of taxation being a major concern for Australian companies considering Islamic financing.

Many Islamic contracts, including sukuk, attract up to triple tax duties because they require multiple transfers of titles of the underlying asset.

Despite this, Mr Mitabu says the offshore financial structure could appeal to many Australian companies with overseas assets and has already drawn interest from some local government officials.

The Author

Motivated and dynamic journalist with a strong interest in sustainable solar powered technology. My work in journalism and new media has provided me with a medium to produce content concerning emerging renewable energy.

×

Mel from North Ryde, New South Wales asked for 3 quotes for solar 6 months ago!

Paul from Doolandella, Queensland asked for 3 quotes for solar 6 months ago!

Stephanie from Footscray, Victoria asked for 3 quotes for solar 6 months ago!

Peter from Dawesville, Western Australia asked for 3 quotes for solar 6 months ago!

Helen from Boynewood, Queensland asked for 3 quotes for solar 6 months ago!

michael from Moorebank, New South Wales asked for 3 quotes for solar 6 months ago!

v from Jerrabomberra, New South Wales asked for 3 quotes for solar 6 months ago!

Jim from Ranelagh, Tasmania asked for 3 quotes for solar 6 months ago!

Jann from Ashmore, Queensland asked for 3 quotes for solar 6 months ago!

Bryn from Keperra, Queensland asked for 3 quotes for solar 6 months ago!

Tracey from Aspley, Queensland asked for 3 quotes for solar 6 months ago!

Nancy from Reservoir, Victoria asked for 3 quotes for solar 6 months ago!

George from Ingle Farm, South Australia asked for 3 quotes for solar 6 months ago!

Greg from Taree, New South Wales asked for 3 quotes for solar 6 months ago!

Shane Keeffe from Birkdale, Queensland asked for 3 quotes for solar 6 months ago!

Haroon from Pemulwuy, New South Wales asked for 3 quotes for solar 6 months ago!

Herry from Pagewood, New South Wales asked for 3 quotes for solar 6 months ago!

Michelle from Aspendale, Victoria asked for 3 quotes for solar 6 months ago!

Donna from Cranbourne, Victoria asked for 3 quotes for solar 6 months ago!

George from Cairnlea, Victoria asked for 3 quotes for solar 6 months ago!