Financial closing of the 145 MWac Cirata Floating Photovoltaic Power Plant Project (Cirata Project) – the largest floating solar project in Indonesia!
Congratulations to PT PLN (Persero) and PT Pembangkitan Jawa Bali Masdar Solar Energi (PMSE), a joint venture between Masdar (Abu Dhabi Future Energy Company) and PT Pembangkitan Jawa Bali Investasi, for achieving the financial closing of the 145 MWac Cirata Floating Photovoltaic Power Plant Project (Cirata Project) – the largest floating solar project in Indonesia!
This is the second financial closing of power projects involving a joint venture structure between a subsidiary of PLN and a private-entity and we are especially proud to act as the legal counsel that creates the financing and security structure in both projects, demonstrating that a bankable structure accepted by international and multilateral lenders is indeed possible for these type of projects.
The presence of the Cirata Project, which is targeted to commercially operate at the end of 2022, is an important part of the Government of Indonesia’s effort to achieve the national renewable energy balance by 23% in 2025. The project also signifies the commitment of PLN for #PLNTerdepanMenujuEBT. We sincerely hope that this project will further strengthen the future developments of clean and sustainable projects in Indonesia. Once again, big congratulations to all parties involved! #WeGetThingsDone