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RI secures $60m for floating solar project through JETP
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The Cirata Floating Solar Power Plant at Cirata Reservoir in Purwakarta, West Java, pictured on Nov. 9, 2023, is the largest energy facility of its kind in Southeast Asia. It was developed jointly by the Indonesian government and renewable energy company Masdar of the United Arab Emirates. (AFP/Bay Ismoyo)
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tandard Chartered, Germany's development finance institution DEG and France’s Proparco on Tuesday announced a US$60 million investment to fund the construction and operation of a solar photovoltaic (PV) plant in Indonesia.
The 92 megawatt-peak (MWp) Saguling floating solar photovoltaic plant, to be located in West Java, will be run by Saudi Arabia’s ACWA Power and state-owned electricity company PLN’s subsidiary PLN Indonesia Power.
The plant is slated to begin operations in 2026. Once operational, it is expected to offset more than 63,000 tonnes of carbon emissions annually, according to a statement issued on Tuesday by the Glasgow Financial Alliance for Net Zero (GFANZ), of which Standard Chartered is a member.
The project, part of Indonesia’s Just Energy Transition Partnership (JETP), marks the first project-level financing deal since the US formally withdrew from the initiative earlier this year.
The US commitment in Indonesia is greater than $2 billion, made up of non-concessional loans, multilateral development bank (MDB) guarantees and grants.
Read also: JETP secretariat plays down US withdrawal
Coordinating Economic Minister Airlangga Hartarto said in the statement that the Saguling project symbolized global collaboration: “It represents our joint commitment to accelerate the clean energy transition and support inclusive, sustainable growth.”
