Financial close achieved for 145 MW Floating solar plant in Indonesia

Masdar, one of the world’s leading renewable energy companies, and PT Pembangkitan Jawa-Bali (PJB), announced that financial close has been achieved on the Cirata Floating Photovoltaic Power Plant project and construction work has begun.

Financing for the project, Indonesia’s first floating solar power plant, was arranged through Sumitomo Mitsui Banking Corporation, Societe Generale, and Standard Chartered Bank. The 145-megawatt (ac) plant is being developed by PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE), a joint venture between Masdar and PT PJBI, and is expected to begin commercial operation in the fourth quarter of 2022.

The plant, set to be 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 tons of carbon dioxide emissions, and contribute to the creation of up to 800 jobs. 

Bahlil Lahadalia, Minister of Investment for the Republic of Indonesia and Chairman of the Indonesia Investment Coordinating Board, said: “The Ministry of Investment fully supports the investment realization of the Cirata Floating Solar Project by PT. PJBI and Masdar. This is a flagship project of the UAE’s investment in Indonesia, and most importantly, it is in line with the Indonesian Government target in renewable energy mix of 23 percent by 2025”.