Masdar JV closes financing for 145-MW floating PV project in Indonesia

Cirata Floating Photovoltaic Power Plant project. Image by Masdar.

August 3 (Renewables Now) - A joint venture (JV) between Masdar, part of Abu Dhabi government's Mubadala Investment Company, and PT PJBI, a subsidiary of Indonesia's state-owned power utility PT PLN, has reached financial close on a 145-MW floating solar photovoltaic (PV) project in Indonesia.

The JV, called PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE), is developing the Cirata Floating Photovoltaic Power Plant project on the Cirata reservoir in the West Java Province.

Construction on the facility has started, Masdar said today, with commercial operation expected in the fourth quarter of 2022.
The project is Indonesia's first utility-scale floating solar power plant. It is also expected to become the largest such installation in Southeast Asia and one of the largest globally. According to PJBI president director Amir Faisal, there is great potential for similar projects in Indonesia.

"The designation of this project as a National Strategic Project (PSN) has been invaluable in enabling us to make such significant progress and demonstrates that the Government recognizes the economic and social benefits the Cirata project will bring to the local community and to all of Indonesia," said Masdar chief executive Mohamed Jameel Al Ramahi.

Indonesia has a target of 23% renewables in its energy mix by 2025. Recently, the government also announced that it seeks to raise the renewable power share in its 2021-2030 national electricity plan to at least 48% from 30% in its previous plan, Masdar noted.

Financing for the scheme was secured from Sumitomo Mitsui Banking Corp, Societe Generale and Standard Chartered Bank. The amount of funds was not specified.

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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