Islamabad: Masdar, one of the world’s top renewable energy firms, said on Tuesday that the Cirata Floating Photovoltaic Power Plant project in Indonesia has reached financial closure and that building has commenced.

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According to a Masdar news statement, Sumitomo Mitsui Banking Corporation, Societe Generale, and Standard Chartered Bank secured financing for the project, which is Indonesia’s first floating solar power plant. PT is building a 145-megawatt (ac) power plant. PMSE is a joint venture between Masdar and PT PJBI that is planned to start commercial operations in the fourth quarter of 2022.

Bahlil Lahadalia, Minister of Investment of Indonesia and Chairman of the Indonesia Investment Coordinating Board, said, “The Ministry of Investment fully supports the investment realization of the Cirata Floating Solar Project by PT. PJBI and Masdar. This is a flagship project of the UAE’s investment in Indonesia, and most importantly, it is in line with the Indonesian Government target in renewable energy mix of 23 percent by 2025.”

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Set to be the largest of its kind in Southeast Asia and one of the largest in the world, the plant is being built on the Cirata reservoir in the West Java Province. Once completed, it will provide enough electricity to power 50,000 homes, and will offset 214,000 tonnes of carbon dioxide emissions, and contribute to the creation of up to 800 jobs.

Indonesia, the world’s largest archipelago nation, is targeting 23 percent of its energy mix coming from renewables by 2025 under its Electricity Infrastructure Acceleration Programmed. The government also recently announced that it aims to increase the proportion of renewable power in its 2021-2030 national electricity plan to at least 48 percent, from 30 percent in its previous plan, said the press release.

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