UAE state-owned renewables giant Masdar has inked two strategic agreements and received an approval to establish renewable energy projects in Indonesia, according to a press release. The investment ticket and timeline of the projects were not disclosed.

The breakdown:

  • Masdar signed an MoU with state-owned energy company Pertamina Power Indonesia (Pertamina NRE) to develop solar, wind and green hydrogen products both in Indonesia and abroad.
  • The company also entered a Joint Development Study Agreement with PLN Nusantara Power aiming to triple the capacity of the operating Cirata floating PV project to 500 MW. The plans were initially announced last September, when Masdar and PLN signed an initial agreement to move forward with tripling the size of the plant.
  • Masdar received approval to develop up to 2 GW of renewable energy in Indonesia’s new capital city, Nusantara, beginning with a first phase of 200 MW.

About the first phase of Cirata floating PV: Masdar began operating the floating solar plant — the largest of its kind in Southeast Asia and the third largest globally — in November. The plant cost USD 108.7 mn and will power 50k homes to displace 214k tons of CO2 emissions. Masdar first signed the power purchase agreement with PLN back in 2020, marking the company’s first entrance into the floating solar market. The plant occupies 4% of the surface of the Cirata reservoir, which is 108 kms southeast of Indonesia’s capital Jakarta.

REMEMBER- Masdar has shares in a Pertamina subsidiary: Masdar acquired an undisclosed stake in Pertamina subsidiary Pertamina Geothermal Energy back in February. Pertamina Geothermal is one of the world’s largest producers of geothermal energy. It currently owns nearly 82% of Indonesia's installed geothermal energy capacity, and manages 13 geothermal energy projects which generate 1.87 GW of electricity.

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