Determinan Jumlah Pinjaman Internasional pada Pembiayaan Infrastruktur Ketenagalistrikan: Pendekatan Panel Dinamis

This study analyzed the determinants of international loan amounts for electricity infrastructure financing over a two-decade period. Economic factors were represented by lagged international loan amount and funding gap, while environmental factors were represented by the environmental framework of international lending institutions and green project status. The study applied a quantitative explanatory approach using an unbalanced panel dataset derived from electricity infrastructure financing agreements and supporting documents. The empirical model used a dynamic panel approach estimated through System Generalized Method of Moments. The results showed that lagged loan had a positive and significant effect on current international loan amount. Funding gap also had a positive and significant effect, indicating that financing needs were an important determinant of international borrowing. The environmental framework had a positive but statistically insignificant effect, while green project status had a negative and weakly significant effect. These findings suggested that international electricity-infrastructure financing was driven more by previous financing dynamics and actual funding needs than by environmental factors directly. The findings underlined the importance of aligning investment planning, financing needs, and green or blended-finance instruments to support effective and bankable energy-transition financing