UAE - Mubasher: Abu Dhabi-based Masdar and PT PJBI, a subsidiary of Indonesia's state-owned electricity company PT PLN, have achieved financial close for the 145-megawatt Cirata Floating Photovoltaic Power Plant project.

The financing for the project, Indonesia's first floating solar power plant, was arranged through Sumitomo Mitsui Banking Corporation, Societe Generale, and Standard Chartered Bank, according to a press release on Tuesday.

Expected to start commercial operation in the fourth quarter (Q4) of 2022, the plant is being constructed by PT. Pembangkitan Jawa Bali Masdar Solar Energi (PMSE), a joint venture between Masdar and PT PJBI.

The plant, set to be the largest of its kind in Southeast Asia, will offer electricity to power 50,000 homes and will offset 214,000 tonnes of carbon dioxide emissions.

The Minister of Investment for Indonesia and Chairman of the Indonesia Investment Coordinating Board, Bahlil Lahadalia, said: "This project represents the UAE's first investment in Indonesia's renewable energy sector, and we look forward to further collaboration between our countries, as we leverage our natural resources to build a more sustainable future."

The CEO of Masdar, Mohamed Jameel Al Ramahi, commented: "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 recognizes the economic and social benefits the Cirata project will bring to the local community and to all of Indonesia."