- Masdar and PT PJBI joint venture has secured financial closure for 145 MW floating solar power project in Indonesia
- Project is now under construction on Cirata Reservoir in West Java with commercial operations due to begin in Q4/2022
- Financing has been raised from Sumitomo Mitsui Banking Corporation, Societe Generale and Standard Chartered Bank
The maiden floating solar power plant planned to come up in Indonesia with 145 MW AC capacity has achieved financial closure of undisclosed amount, with financing arranged through Sumitomo Mitsui Banking Corporation, Societe Generale and Standard Chartered Bank.
Cirata Floating PV Power Plant is to be set up by PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE), a joint venture between PT PJBI, a subsidiary of Indonesian state-owned electricity company PT PLN, and Abu Dhabi based renewable energy company Masdar (see Joint Venture For Indonesian Floating PV Plant).
With financial closure achieved, the project is now officially under construction. The facility, which Masdar calls a flagship project of the UAE’s investment in Indonesia, is expected to start commercial operations in Q4/2022 on the Cirata Reservoir in West Java Province.
On completion, it is expected to generate enough electricity to power 50,000 homes and offset 214,000 tons of CO2 emissions, said Masdar that terms the project to be one of the largest of its kind in Southeast Asia and one of the largest in the world.
However, there is another much bigger floating solar PV project announced for the country recently with 2.2 GW, to be developed by Sunseap with BP Batam (see World’s ‘Largest’ Floating PV Project Planned In Indonesia).