ACWA Power to build 110MW floating PV project
- Indonesia's state-owned utility PLN has actually selected the firm to supply 2 schemes worth $105m.
ACWA Power has been picked to construct two floating solar farms completing 110MW in Indonesia.
The Saudi Arabian programmer as well as operator of power generation plants was selected by PT Perusahaan Listrik Negara (Persero), or PLN, Indonesia's sole state-owned electricity utility.
The projects will certainly enable Indonesia to achieve its renewable resource target of 23% by 2025, under the country's National General Energy Plan.
This marks ACWA Power's first move in the south-east Eastern country, as well as the company's initial floating solar PV projects in its portfolio.
The Saguling Floating Solar PV project as well as Singkarak Floating Solar PV Project will certainly have a capacity of 60MW and 50MW, respectively.
The pair represent a consolidated investment value of $105m.
ACWA Power has a 49% equity stake in both projects, with the rest being held by Indonesia Power, a subsidiary of PLN.
The offtake partner in these projects, PLN, controls, owns, as well as operates approximately 69% generation capacity in Indonesia.
It is also the sole purchaser of electrical power produced by independent power plants in the country, consisting of electrical energy produced from renewable resource sources.
Since completion of 2021, PLN controlled over 64.5 GW of generation capacity in Indonesia.
As a following action, PLN and ACWA Power will certainly finalise the power purchase agreements for these projects.
Clive Turton, Chief Investment Officer of ACWA Power, stated: "As one of the world's most populous nations, and also a major customer of standard energy sources, any action in Indonesia to mitigate greenhouse gas discharges will make a big impact in the worldwide fight against climate adjustment.
" For firms like ACWA Power, that are intent on the energy change, this nation is an amazing market as there is government support, an understanding of worldwide challenges, substantial need and also an urgent demand to supply the nation's many locals.
" As we mark our market entrance into Indonesia, we are committed to making a positive effect with our partners, off taker and also consumers.".