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Masdar and PT PJBI announce financial close of floating solar plant in Indonesia

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Energy Global,

Masdar, one of the world’s leading renewable energy companies, and PT PJBI, a subsidiary of Indonesia’s state-owned electricity company PT PLN, have announced that financial close has been achieved on the Cirata Floating Photovoltaic Power Plant project and construction work has begun.

Financing for the project, one of Indonesia’s first floating solar power plants, was arranged through Sumitomo Mitsui Banking Corporation, Societe Generale, and Standard Chartered Bank. The 145 MWac plant is being developed by PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE), a joint venture (JV) between Masdar and PT PJBI, and is expected to begin commercial operation in 4Q2022.

The plant, set to be one of the largest of its kind in Southeast Asia and one of the largest in the world, is being built on the Cirata reservoir in the West Java Province. Once completed, it will provide enough electricity to power 50 000 homes, and will offset 214 000 t of CO2 emissions, and contribute to the creation of up to 800 jobs. Throughout the development of the project, Masdar has conducted a series of social initiatives, raising awareness on sustainability issues and strengthening local community engagement.

Indonesia, the world's largest archipelago nation, is targeting 23% of its energy mix coming from renewables by 2025 under its Electricity Infrastructure Acceleration Program. The government also recently announced that it aims to increase the proportion of renewable power in its 2021 - 2030 national electricity plan to at least 48%, from 30% in its previous plan.



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