DNV served as the Lender’s Technical Advisor during the development phase of Indonesia’s first-ever floating solar PV project at Cirata Reservoir in West Java. Masdar and PLN, Indonesia’s state-owned electricity company, have now partnered to form PMSE.
The 145 MWac Cirata floating PV project will be one of the largest in Southeast Asia once it is operational. Several large-scale floating PV systems already exist in the region, notably Vietnam’s 70 MW FPV system in Quang Thanh and Singapore’s 60 MW plant at Tengeh reservoir.
The Cirata floating solar power plant is expected to contribute towards significant growth in solar PV in Indonesia, which has traditionally relied on coal, gas, geothermal, and hydropower to generate electricity. It will demonstrate the technical and commercial feasibility of solar PV systems in the country.
PMSE completed the project’s financial closure on August 3rd 2021 after the lender’s due diligence assessment was completed successfully. Sumitomo Mitsui Banking Corporation, Societe Generale, and Standard Chartered Bank are providing senior loans for the floating solar project.
DNV has worked on a total of 2 GW of floating PV projects across the world. In terms of industry-shaping technical expertise, DNV led a collaborative joint industry project involving 24 industry participants that resulted in a set of recommended practises for accelerating the development, and operations of floating solar PV projects that are safe and sustainable.