Financial close for the 100 MWac Karangkates Floating Solar Power Plant
Congratulations to Gd Power Development Co., Ltd, PT PLN Nusantara Renewables, and Perum Jasa Tirta I on achieving financial close for the 100 MWac Karangkates Floating Solar Power Plant in East Java, Indonesia. Developed through their joint venture, PT Nusantara Guodian Karangkates Indonesia, the project has secured a long-term project financing from Société Générale and PT Sarana Multi Infrastruktur (Persero).
The project marks Indonesia’s first renewable energy project financing to achieve financial close with a share security structure acceptable to international lender following the introduction of new regulatory requirements on share transfers under MEMR Regulation No. 5 of 2025, as well as Indonesia’s first floating solar project utilizing a state-owned reservoir managed by Perum Jasa Tirta I. It is also one of 14 pilot projects under the Government of Indonesia’s newly launched 100 GW Solar Power Program.
Once operational, the project is expected to generate 222 GWh annually, provide electricity to approximately 100,000 households, reduce carbon emissions by up to 181,700 tonnes of CO₂ annually, and create approximately 600 jobs in the Malang Regency.
Led by Kirana Sastrawijaya, Pramudya A. Oktavinanda, and Putu Raditya Nugraha, with support from Yorda Lazuardi, Amelia Rohana Sonang, Shinta Wulandari Basuki, Aditya Fadhil Avisena (Adit), Giava Zahrannisa, Shella Felicia, and Nadina Hayya Razani, we are proud to have advised the sponsors and project company throughout the transaction, including on the security structuring, negotiation of the project and financing documentation, and achievement of financial close.
Following our involvement in the successful financial close of the Cirata, Saguling, and Tembesi floating solar projects, this transaction further cements our position as the leading law firm advising on the development and financing of the country’s most significant and groundbreaking floating solar power projects to date.
We congratulate all parties involved in this landmark transaction and look forward to continuing to support the Government of Indonesia in accelerating the 100 GW Solar Power Program and the country’s transition to clean energy!
Read more in relevant articles below:
1. https://www.pfie.com/asia-pacific/2373224/karangkates-floating-solar-gets-pf
2. https://www.proximoinfra.com/news/75823/karangkates-floating-solar-reaches-financial-close
5. https://en.tempo.co/read/2118274/prabowo-launches-100-gw-solar-power-project
NoFirmLikeUs WeGetThingsDone
FEATURED LAWYERS
Kirana D. Sastrawijaya
Senior Partner
Pramudya A. Oktavinanda
Managing Partner
Putu Raditya Nugraha
Senior Partner