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August 4, 2021updated 06 Aug 2021 3:37pm

PMSE secures financing for Cirata floating solar plant in Indonesia

The floating solar plant is scheduled to begin commercial operations in the fourth quarter of next year.

By Umesh Ellichipuram

PT Pembangkitan Jawa Bali Masdar Solar Energi (PMSE), a joint venture between Masdar and PT PJBI, has reached financial closure for the Cirata floating photovoltaic power plant in Indonesia.

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PMSE has begun construction works on the 145MWac project, which is due to begin commercial operations in the fourth quarter of next year.

PMSE secured financing from Sumitomo Mitsui Banking Corporation, Societe Generale and Standard Chartered Bank for the project.

Located on the Cirata reservoir in the West Java province, the floating solar plant will generate enough clean energy to power 50,000 homes while offsetting 214,000t of carbon emissions.

The project is expected to create almost 800 jobs and will be Indonesia’s first floating solar power plant once operational, as well as one of the largest in the world.

Masdar CEO Mohamed Jameel Al Ramahi said: “This achievement would not have been possible without the constant support of the Government of Indonesia, our lenders and our strategic partnership with PJBI and PT PLN, who have been with us [at] every step of our journey.

“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 recognises the economic and social benefits the Cirata project will bring to the local community and to all of Indonesia.”

PJBI president director Amir Faisal said: “This floating power project is a first for Indonesia and is also a significant step in PJBI’s renewable energy journey.

“We see tremendous potential for similar projects in Indonesia and we look forward to continuing our fruitful collaboration with Masdar to work on more renewable energy projects and help our nation achieve its clean energy objectives.”

PT PJBI is a subsidiary of Indonesian state-owned electricity company PT PLN while Masdar is a UAE-based renewable energy company.

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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