ACWA Power to build 110MWac of floating PV projects in Indonesia

Saudi Arabian renewables developer ACWA Energy will enter the Indonesian market with two floating photo voltaic PV tasks after being chosen by PT Perusahaan Listrik Negara (PLN), Indonesia’s solely state-owned electrical energy utility.

The vegetation – Saguling Floating Photo voltaic PV venture and Singkarak Floating Photo voltaic PV Venture – will represent 60MWac and 50MWac of capability respectively, and mark each ACWA Energy’s first floating PV venture and its first set up in Indonesia.

The installations characterize an funding of US$105 million mixed.

ACWA holds a 49% stake within the tasks, while the remaining is owned by Indonesia energy, a subsidiary of PLN.

The offtake associate on this deal and the only real state-owned electrical energy utility within the nation, PLN controls and operates roughly 69% of era capability in Indonesia. As of the tip of 2021, it controls over 64.5GW of era capability.

ACWA Energy has mentioned that the tasks will assist Indonesia attain its renewable vitality goal of 23% by 2025 as a part of the nation’s Nationwide Basic Vitality Plan.

“[Indonesia] is an thrilling market as there may be authorities help, an understanding of worldwide challenges, appreciable demand and an pressing want to produce the nation’s quite a few residents,” mentioned Clive Turton chief funding officer of ACWA Energy. “As we mark our market entry into Indonesia, we’re dedicated to creating a optimistic impression with our companions, offtaker and shoppers.”

The Saudi firm posted sturdy H1 outcomes this 12 months, reporting an working revenue of US$307.46 million in the course of the first half of 2022. It additionally operates one other Southeast Asia facility, the 50MW Vin Hao 6 solar energy plant in Vietnam. 

The announcement comes as the most important Asian economies can anticipate exponential progress of their photo voltaic capacities by way of 2030, with the continent set to steer the worldwide progress in floating PV installations over the subsequent decade.

PLN and ACWA Energy are but to finalise the ability buy settlement for these tasks.